KeyBank Provides $66 Million in Construction Financing for Indiana Affordable Housing Development

LAFAYETTE, IND. — KeyBank Community Development Lending and Investment (CDLI) has provided a $37.2 million construction loan, and Key Commercial Mortgage Group has arranged a $28.8 million permanent loan to finance the construction of Vita Lifestyle Lafayette. The 198-unit affordable housing development is located in Lafayette, approximately 60 miles northwest of Indianapolis. Vita Investment Holdings LLC has partnered with CRF Affordable Housing to develop the project. Vita Lifestyle Lafayette will consist of 159 affordable units and 39 market rate units, including one-bedroom, two-bedroom, and cottage-style units. Affordable units are restricted to seniors earning no more than 80 percent of the area median income. Amenities will include community rooms, pet wash stations, sports courts, outdoor patios and in-unit laundry. Gardant Property Management will manage the property, and Alt Construction will serve as the general contractor. Developers expect the project to be complete by January 2027.