JT Klein Co. Lands $29M for Wisconsin Affordable Housing Project

KeyBank provided financing for a 116-unit development in Fitchburg slated for a 2022 completion.

JT Klein Co. has received a $29.3 million financing package from KeyBank for the construction of Limestone Ridge Apartments, a 116-unit affordable housing project in Fitchburg, Wis. KeyBank Community Development Lending and Investment provided the borrower with a $16 million construction loan, while KeyBank’s Commercial Mortgage Group secured a $13.3 million, fixed-rate forward tax-exempt loan through Freddie Mac.

Limestone Ridge will take shape on a 3.8-acre parcel at 6270 Limestone Lane. Upon completion, the four-story building designed by JLA Architects will house one-, two- and three-bedroom apartments, with all units restricted to households earning between 50 and 80 percent of the area’s median income. Amenities will include a fitness center and playground. Delivery is slated for 2022.

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- - Volume: 9 - WEEK: 7 Date: 2/11/2021 10:28:28 AM -