Keybank Provides $25.9 Million Of Construction Financing For Affordable Housing In Los Angeles

(MENAFN- 3BL) CLEVELAND, September 30, 2025 /3BL/ – KeyBank Community Development Lending and Investment (CDLI) provided a $25.9 million loan to finance the new construction of 1434 W. Compton Blvd LP, a 75-unit affordable housing project located in Compton, California. The Coalition for Responsible Community Development (CRCD) has partnered with LandSpire Group, LLC, to develop the project. This is the inaugural development project between the sponsor, CRCD and LandSpire Group, LLC, a partnership that aims to produce 1,000+ permanent supportive and affordable housing units across the Greater Los Angeles area over the next decade.

The project will be a three-story development consisting of studio, one-bedroom and two-bedroom units, all of which are restricted at or below 50% of the area median income (AMI). Fifty percent of the units are set aside as permanent supportive housing, and the remaining 50% as general affordable housing. Additional LIHTC equity and Freddie Mac TEL permanent financing were secured from Walker & Dunlop.

Founded in 2005, the Coalition for Responsible Community Development (CRCD) is a 501(c)3 organization dedicated to improving the quality of life in South Los Angeles. CRCD supports low-income residents and small businesses with jobs, education, training, affordable housing, and comprehensive support. Since its inception, CRCD has facilitated $160 million in investments, creating 464 housing units and additional development worth $665 million.

Founded in 2019, LandSpire Group is a Southern California-based real estate private equity firm specializing in investing in ground-up developments in select U.S. markets that are experiencing housing affordability challenges and supply imbalances. LandSpire's housing portfolio currently consists of 500 units of market rate and workforce housing, with an additional 400 units of affordable and workforce housing scheduled for delivery by the end of 2025.

1434 W. Compton Blvd LP, which is expected to be completed by May 2027, will have onsite amenities including laundry facilities, a community room, a tot lot, a landscaped courtyard, an amphitheater-style seating area, a basketball/multi-court play area, onsite parking and a resident manager. Social services will also be provided on-site by CRCD and other community partners.

Matthew Haas and Cathy Danigelis of KeyBank CDLI structured the financing.

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 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 $185 billion at June 30, 2025.

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 . KeyBank is Member FDIC.

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