KeyBank Finances University Circle

CLEVELAND—KeyBank has recently closed a transaction to provide New Markets Tax Credit financing to the $21 million second phase of the University Circle Uptown development in Cleveland. The second phase of the development will bring in several types of real estate including retail, traditional housing and student housing space for the Cleveland Institute of Art.

 “University Circle Uptown is an unparalleled development that we are happy to have a hand in bringing to the Cleveland area,” says Kevin Nowak, the national equity investment manager of the Key Community Development Corporation. “While we are extremely proud of all of our work, we feel a special connection to the diversification that this development will bring, as it is right in our own backyard.”