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THA Closes on Financing for Orange Avenue Redevelopment

The Tallahassee Housing Authority and Columbia Residential our developer partner, have secured $82 million in financing to construct 290 units of affordable housing in two phases.

Phase I is 130 units for households earning 30% to 60% of the area median income. Phase II is 160 units of affordable housing with 32 market-rate units. Both phases will consist of 2, and 3-bedroom units. The properties will be gated with separate entrances, a pool area, a park, and a common leasing office.

KeyBank Community Development Lending and KeyBank Real Estate Capital structured the financing, which included construction loans from KeyBank Community Development Lending and Freddie Forward Commitment permanent loans from FreddieMac.

The project also received support from RBC, which provided equity investments through the low-income housing tax credit program.  The housing authority also committed project-based voucher assistance to both phases to assure long-term affordability for very low-income households.

The Orange Avenue Apartments was formerly a 200-unit public housing community which was originally constructed in 1972.