Key Bank Provided $22.5 Million for Connecticut Affordable Housing Community

KeyBank Real Estate Capital provided $22.5 million in Fannie Mae refinancing to East Farm Village, located in East Haven, CT. The 240-unit property operates under a Section 8 Housing Assistance Payments (HAP) contract and provides affordable housing units for low- to moderate-income families

“As we anticipate the impact of potential corporate tax reform measures our industry must get creative about how it addresses affordable housing needs. Given the uncertainty within the industry, preserving existing affordable housing stock is a must,” said Rob Likes, national manager of Key’s Community Development Lending and Investment (CDLI) team. “The Section 8 program makes quality affordable housing available to those who need it most, and we are committed to supporting the needs of the New Haven community.”

East Farm Village residents can easily access major throughways and public transportation, as well as local employment centers, grocery stores, pharmacies, banks, shopping, parks and the public library. Situated on 7.6 acres of land, the property itself features a community room, fitness center, solarium, library, playground, laundry facilities, elevator, on-site security and 24-hour maintenance.

“We are dedicated to ensuring our tenants have a positive experience living in the communities we manage,” said Alex Vigliotti of JFA Management, the sponsor of East Farm Village. “Partnering with KeyBank to refinance East Farm Village supports our mission and helps us serve those in need.”

Erik Storz of Key’s Commercial Mortgage Group and Al Clemente of Key’s Income Property Group arranged the refinancing.