A new 166-unit affordable housing development is rising at the intersection of Broadway and Imperial Highway in South Los Angeles, backed by a $92.9 million financing package from KeyBank Community Development Lending and Investment. The project, known as Broadway & Imperial, will offer apartments for individuals and families earning between 30% and 70% of the area median income, with construction aimed at easing what city officials and housing advocates describe as a significant shortage of affordable units across Los Angeles.
The financing announcement, reported by Yahoo! Finance Canada, details a capital stack assembled from several sources: a $43.8 million construction loan, an $18.1 million federal low-income housing tax credit equity investment, a $31 million Fannie Mae MTEB permanent loan arranged by Key Commercial Mortgage Group, and a $31 million public bond issuance underwritten by KeyBanc Capital Markets. The building will include 164 affordable apartments plus two manager units, split across a four- and five-story structure. State records show the California Tax Credit Allocation Committee approved $14,442,844 in federal low-income housing tax credits for the project in December 2025, supporting the equity piece of the deal, according to the California Tax Credit Allocation Committee.
The project needed a City Hall sign-off for its tax-exempt bonds. After a TEFRA hearing on March 16, 2026, the Los Angeles City Council approved a resolution in August allowing the California Municipal Finance Authority to issue up to $30 million in tax-exempt revenue bonds for the development, officially located at 252 W. Imperial Highway in Council District 15, per the LA City Clerk. Federal law requires that kind of municipal approval before private activity tax-exempt bonds can be issued, a procedural step in the bond issuance.
SoLa Impact's Latest Bet on Broadway-Manchester
The developer behind Broadway & Imperial is SoLa Impact, a Los Angeles-based social impact real estate firm focused on creating and preserving affordable housing in underserved communities. The company has focused since 2013 on developing and preserving housing in South Los Angeles, and the finished building is designed to include a lobby, rooftop deck, community room, three landscaped courtyards, secure bicycle storage, and on-site parking with electric vehicle charging stations, alongside secure property access for residents.
Plans for the site go back years. Urbanize LA reported in October 2022 that the project replaces a shuttered industrial building at 248–252 W. Imperial Highway, with designs from Breen Engineering specifying 1,030 square feet of ground-floor commercial space and 85 parking spots, according to Urbanize LA. The developer had requested Transit Oriented Communities density incentives to expand the building's height, the outlet noted. The site sits in the middle of an active housing cluster in the Broadway-Manchester area, directly across Broadway from Holos Communities' 53-unit shipping-container project Isla Intersections, and near SoLa Impact's own 84-unit development on Main Street.
Once residents move in, on-site services are planned through nonprofit partner Lifesteps, which will provide educational, financial literacy, health and wellness, and counseling programs. The SoLa Foundation will also offer resident programs, including opportunities through the SoLa Tech & Entrepreneurship Center powered by Riot Games.
Executives and Loan Officers on the Deal
Robert Likes said Broadway & Imperial will bring 166 affordable homes to South Los Angeles, per the press release carried by Yahoo! Finance Canada. SoLa Impact founder Martin Muoto said the firm aims to invest in communities, create quality housing, and help long-time residents remain in their neighborhoods, adding that Broadway & Imperial represents the type of development Opportunity Zones were meant to encourage. Matthew Haas and Eileen Tran arranged the overall financing, Shana Daby arranged the piece for Key Commercial Mortgage Group, and Alex Stekler marketed the bonds, according to the same release.
A Developer With Scale — and Scrutiny
SoLa Impact has grown into one of the more prominent affordable housing players in the region. A profile in the Los Angeles Times found the firm has invested more than $1.2 billion into underserved neighborhoods and built or rehabilitated over 4,250 housing units since its 2014 founding, operating as a private real estate firm that leans on Opportunity Zone equity and private capital. Just months before the Broadway & Imperial financing closed, SoLa Impact closed a separate $105 million portfolio bond financing deal backed by 14 Los Angeles County affordable housing properties, a transaction meant to recapitalize 465 existing units and fund ongoing ground-up construction, the Real Deal reported in July 2026.
That same outlet has also reported, in both July 2025 and July 2026, that SoLa Impact was subject to a regulatory examination by the U.S. Securities and Exchange Commission regarding intercompany transactions and potential conflicts of interest within its fund management structure, with examiners scrutinizing whether intercompany fee structures inappropriately benefited fund managers over investors. Hoodline's own prior reporting examined a separate SoLa Impact project at 61st and Main Streets, where neighbors raised concerns about stalled timelines and site conditions.
Who Qualifies, and Why the Financing Matters
The project’s income-restricted apartments are aimed at households earning 30% to 70% of area median income.
The project has also sought transit-oriented incentives alongside affordable financing. Still, developers face broader pressures. Affordable housing construction across Los Angeles has faced insurance, construction-cost, and financing pressures.
KeyBank's Broader Lending Footprint
KeyBank Community Development Lending and Investment finances projects that stabilize and revitalize communities across all 50 states, and offers construction, acquisition, bridge-to-re-syndication, and preservation loans, along with lines of credit, agency and HUD permanent mortgages, and equity investments for low-income housing projects. The bank has earned 11 consecutive outstanding ratings on its Community Reinvestment Act exam, ratings issued by the Office of the Comptroller of the Currency.
KeyBanc Capital Markets, which underwrote the bond issuance for Broadway & Imperial, has more than 800 professionals across its national platform and says it raised more than $125 billion of capital for clients over the past twelve months while providing coverage on over 500 publicly traded companies. Parent company KeyCorp is headquartered in Cleveland, Ohio, and reported approximately $191 billion in assets as of June 30, 2026. KeyBank National Association provides services in 15 states, operating roughly 1,000 branches and about 1,200 ATMs as a member FDIC institution.
