Kittle Property Group has secured $74 million in construction financing for the development of Darby Crossing, a 260-unit affordable community in Columbus, Ohio. KeyBank provided the loan, which includes a $43.3 million construction loan as well as a $31 million private placement loan.
Construction is already underway, and the property is scheduled for completion by September 2024.
Additional financing includes $42.2 million in tax-exempt bonds issued by the Columbus-Franklin County Finance Authority, and $21.3 million in LIHTC provided by the Ohio Housing Finance Agency. Due to the project’s location in a Community Reinvestment Area, the development will also benefit from a tax abatement.
An affordable option minutes from downtown Columbus
Located on 32.7 acres, the community is slated to include two one-story cottages as well as 11 two- and three-story buildings. All units are set aside for individuals earning 60 percent of the area median income. The property will have 60 one-bedroom units, 92 two-bedroom units, 84 three-bedroom units and 24 four-bedroom units. Community amenities are slated to include a clubhouse and a pool house. A total of eight garages and 48 parking spaces will also be available.
The property will be located at National Road SW & Norton Road in Lincoln Village, Ohio, according to Yardi Matrix data. It will be some 10 miles west of downtown Columbus, surrounded by several retail, dining and entertainment options within a 1-mile radius.
Senior Vice President David Lacki and Portfolio Manager Greg Deeks of KeyBank formed the team that structured the financing. Last week, KeyBank provided another $53.2 million for the development of an affordable housing project in San Luis Obispo, Calif. Deeks was also part of the team that structured the debt financing for this project.
Kittle Property Group currently owns more than 70 communities across the U.S., totaling more than 13,000 units, according to Yardi Matrix data. The company already owns three properties in Ohio, and has three additional projects, including Darby Crossing, under development.