Kittle Property Group Secures $47M for Indianapolis-Area Development
KeyBank has provided the funding for an upcoming 264-unit affordable housing project in Whitestown, Ind.
KeyBank Community Development Lending and Investment has secured a $46.8 million financing package for Kittle Property Group Inc., formerly Herman & Kittle Properties. The developer will use the funds to build Meadows on Main, a 264-unit affordable housing community in Whitestown, Ind.
The funding includes a $25 million Freddie Mac loan along with $21.8 million equity in Low-Income Housing Tax Credits.
Meadows on Main will be rent-restricted through the Section 42 LIHTC program, serving residents earning between 40 and 70 percent of the area median income.
The garden-style community will take shape at 3863 S. Main St. on a 13-acre site and will comprise 10 two- and three-story buildings as well as separate structures for the clubhouse and leasing office.
According to the Development Plan submitted to the city, amenities for Meadows on Main will include a swimming pool and dog park. The property will also provide 528 parking spots and 53 bicycle parking spaces.
The community will place residents within a mile of downtown Whitestown and less than half a mile from Main Street Park. Downtown Indianapolis is roughly 21 miles southeast.
Vice presidents Robbie Lynn of KeyBank’s CDLI team and John-Paul Vachon of Key Community Development Corp. have arranged the financing. In July, another KeyBank CDLI team provided $104.6 million in funding for two affordable housing developments in San Antonio.