$92.9M Financed for 166-Unit Affordable Housing Development at Broadway & Imperial

A $92.9 million financing package closed this week for a new affordable housing development in South Los Angeles, adding to the region's supply pipeline. KeyBank Community Development Lending and Investment announced Oct. 1 that it is providing the financing for Broadway & Imperial, a 166-unit development at the intersection of Broadway and Imperial Highway, according to the company's release carried by Morningstar.

The package layers several funding sources: a $43.8 million construction loan and an $18.1 million federal Low-Income Housing Tax Credit equity investment from KeyBank's community development arm, plus 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 developer is SoLa Impact, a Los Angeles-based social-impact real estate firm that has focused since 2013 on creating and preserving affordable housing in South LA neighborhoods it describes as historically lacking access to capital. The four- and five-story building will include 164 affordable apartments and two manager units, serving individuals and families earning between 30% and 70% of area median income, near transit and neighborhood services.

The project specs go beyond units. Residents get a lobby, rooftop deck, community room, three landscaped courtyards, secure bicycle storage and on-site parking with electric vehicle charging stations, with on-site supportive services - education, financial literacy, health and wellness and counseling - provided by LifeSTEPS, plus access to programs from the SoLa Foundation including its tech and entrepreneurship center.

For South Bay watchers, the signal is regional rather than local: capital continues to flow into LA-area housing production even at 7%+ rates, and the affordable segment is where the most committed institutional money is going right now. Every unit that delivers in South LA is pressure taken off the lower end of the broader LA housing market - and it is a reminder of how far the South Bay's own new-construction pipeline (the 2,700 apartment units now under construction locally, and the Toll Brothers townhomes in Redondo Beach) still trails regional need.

Source: KeyBank (via Morningstar / ACCESS Newswire), Oct. 1, 2026 - https://www.morningstar.com/news/accesswire/1230062msn/keybank-provides-929-million-in-financing-for-166-unit-affordable-housing-development-in-los-angeles

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