KeyBank is putting up a $56 million financing package for Clover Glen II, a planned affordable senior housing development in Galloway on Columbus’s west side. The project, to be developed and owned by National Church Residences, is slated as a four-story building aimed at low-income seniors, with a heavy focus on one-bedroom units and accessibility features designed to help residents age in place.
How the deal is structured
The financing stacks together construction and permanent loans, tax-credit equity, and tax-exempt bonds to cover the build and long-term debt. KeyBank’s Community Development Lending and Investment arm provided a $16.5 million taxable construction loan, along with $9.4 million in federal LIHTC equity and $8.2 million in state LIHTC equity. KeyBank Commercial Mortgage Group arranged an $8.2 million Freddie TEL permanent loan, and KeyBanc Capital Markets underwrote roughly $13.82 million of tax-exempt bonds, as reported by Connect CRE.
What City Hall signed off on
City records show council legislation describing Clover Glen II as a 96-unit, one-building senior community with accessible design elements that include 36-inch doorways, lever handles, and at least five Section 504‑compliant units. The ordinance authorizes up to $2.3 million from the Affordable Housing Bond Fund as part of a total city commitment of $4.3 million, and notes on-site service coordination intended to support resident health and inden pendence, according to the City of Columbus.
Earlier paperwork and design
An Ohio Housing Finance Agency 9% LIHTC proposal application filed in 2024 initially laid out a 71‑unit plan for Clover Glen II and named Berardi+ Partners as the project architect, signaling that the development’s scope and funding strategy evolved during the review process. The application details subsidy sources and estimated costs that show how LIHTC equity and public support are being combined for the site, according to the Ohio Housing Finance Agency.
Who’s behind the development
National Church Residences, a national nonprofit developer and operator of senior affordable housing, is listed as the lead developer and owner of Clover Glen II. The organization says it focuses on service‑connected, affordable communities that help older adults remain independent, according to National Church Residences.
What to expect next
Trade coverage points to the KeyBank bankers who structured the financing and the KeyBanc Capital Markets team that underwrote the bonds, and indicates the completed financing package should allow construction to proceed now that municipal support is in place. For a deeper dive into the financing components and planned amenities, see the City of Columbus file and coverage from Connect CRE.
