KeyBank Community Development Lending and Investment provided $13.4 million in combined construction and Freddie Mac forward commitment permanent loan financing to Zimmerman Properties for the construction of Rutherford Park Apartments in Murfreesboro, a suburb of Nashville, Tennessee. Zimmerman Properties is based in Springfield, Missouri.
Rutherford Park Apartments will offer 70 units of affordable housing for households that earn 50 percent and 60 percent AMI. There will be 40 two-bedroom units and 30 three-bedroom units.
KeyBank provided a $9.7 million construction loan with a two-year interest-only period and a six-month extension. Additionally, KeyBank arranged a $3.7 million Freddie Mac forward commitment permanent loan.
Community Affordable Housing Equity Corporation acted as the Low-Income Housing Tax Credit syndicator for the project.
Stephen Sparks of KeyBank’s CDLI team and Jeff Rodman of KeyBank’s Commercial Mortgage Group worked together on the financing.