Thursday, 01 October 2026 09:30 AM
Financing
CLEVELAND, OH / ACCESS Newswire / October 1, 2026 / KeyBank Community Development Lending and Investment (CDLI) provided $92.9 million in financing for Broadway & Imperial, a new 166-unit affordable housing development in South Los Angeles. The financing package includes a $43.8 million construction loan and a $18.1 million federal Low-Income Housing Tax Credit (LIHTC) equity investment from KeyBank CDLI. Key Commercial Mortgage Group arranged a $31 million Fannie Mae MTEB permanent loan, and KeyBanc Capital Markets underwrote a $31 million public bond issuance as part of the financing structure.
Broadway & Imperial is being developed by SoLa Impact, a Los Angeles-based social impact real estate firm focused on creating and preserving affordable housing in underserved communities. Since 2013, SoLa Impact has focused on developing and preserving housing in South Los Angeles, particularly in neighborhoods that have historically lacked access to capital.
Located at the intersection of Broadway and Imperial Highway, the development will provide housing for individuals and families earning between 30% and 70% of area median income. The development is located near transit and neighborhood services.
The new development will include 164 affordable apartments and two manager units in a four- and five-story building. Residents will have secure access to the property and a range of amenities, including a lobby, rooftop deck, community room, three landscaped courtyards, secure bicycle storage, and on-site parking with electric vehicle charging stations.
Supportive services will be provided on-site by LifeSTEPS, which will include on-site educational, financial literacy, health and wellness, and counseling services. Residents will also have access to programs offered by the SoLa Foundation, including opportunities available through the SoLa Tech & Entrepreneurship Center Powered by Riot Games.
"Los Angeles continues to face a significant shortage of affordable housing," said Robert Likes, president of KeyBank Community Development Lending and Investment. "Broadway & Imperial will bring 166 affordable homes to South Los Angeles, and we're pleased to provide financing for the development."
"Our mission has always been simple: invest in communities we know, create quality housing and help ensure long-time residents can continue to live in the neighborhoods they call home," said Martin Muoto, CEO and founder of SoLa Impact. "Broadway & Imperial is exactly the kind of development Opportunity Zones were meant to encourage, and we're proud to partner with KeyBank to bring these new homes to South Los Angeles."
Matthew Haas and Eileen Tran of KeyBank CDLI and Shana Daby of Key Commercial Mortgage Group arranged the financing. Alex Stekler of KeyBanc Capital Markets marketed the bonds.
About KeyBank Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank's platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 11 consecutive "Outstanding" ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act's passage in 1977.
About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to emerging growth and middle market companies, private equity firms and asset managers. Our deep industry expertise, broad capabilities and unique ideas and execution capabilities are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Financial Services, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables and Technology verticals. With more than 800 professionals across a national platform, KeyBanc Capital Markets has raised more than $125 billion of capital over the last twelve months for its clients and has an award-winning equity research team that provides coverage on over 500 publicly traded companies.
KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp® and its subsidiaries, KeyBanc Capital Markets Inc., Member FINRA/SIPC ("KBCM"), and KeyBank National Association ("KeyBank N.A."), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives. Banking products and services are offered by KeyBank N.A. Securities products and services: Not FDIC Insured • No Bank Guarantee • May Lose Value
About KeyCorp
KeyCorp's roots trace back 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $191 billion at June 30, 2026.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
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SOURCE: KeyBank