Month: July 2023

CLEVELAND, July 5, 2023 /3BL/ – KeyBank Community Development Lending and Investment (CDLI) provided $117.7 million of financing to Brinshore Development and Mile High Affordable Housing, leading developers of affordable multifamily communities, for the construction of two properties in Colorado.

CDLI provided $56.9 million of financing to fund the new construction of Ralston Gardens Apartments, a 102-unit family project in Arvada, Colorado, which will serve low-income families at 30%, 50%, 60%, and 70% of the Area Median Income (AMI). The building will contain 66 one-bedroom, 32 two-bedroom, and four three-bedroom units. Construction financing is being arranged by KeyBank with a $26.7 construction loan and a $14 million permanent loan through the Fannie Mae MTEB Program. KeyBank is also providing $16.2 million of total tax credit equity.

Ralston Garden Apartments, which is centrally located to transit hubs, shopping, parks, and local schools, received additional support and engagement from the Colorado Department of Local Affairs (CDOH), which provided a $4.3 million Housing Development Grant (HDG) loan.

CDLI also provided $60.7 million of financing for the new construction of Northfield Flats, a 129-unit project in Denver that will consist of 42 one-bedroom, 83 two-bedroom, and four three-bedroom units. All units will be available for families earning no more than 30%, 50%, 60%, 70% and 80% of the AMI. Construction financing is being arranged by KeyBank with a $28.2 construction loan and a $14.8 million permanent loan through the Fannie Mae MTEB Program. KeyBank is also providing $17.7 million of total tax credit equity. The project received local support with a $3.1 million Housing Trust Fund (HTF) loan from the Colorado Department of Local Affairs (CDOH) and a $4.5 million loan from Denver’s Department of Housing Stability (HOST).

Northfield Flats is conveniently located within the Northfield retail complex in Central Park, Denver’s premier mixed use master planned community. The property is located directly adjacent to the Shops at Northfield, a retail, entertainment, and dining center.

“KeyBank is invested in the expansion of its community impact, and we continue to provide more capital to low-income communities throughout the country,” said Victoria O’Brien, Head of Equity Originations at KeyBank CDLI. “As we further grow our platform in the Western region and collaborate with sponsors, we’re able to offer better affordable housing options to the individuals and families we serve.”

Brinshore Development, based in Chicago, is a national developer with a focus on development throughout the United States and has a current portfolio of 9,000 residential units valued at more than $1.3 billion in 100 communities. The second sponsor, Mile High Affordable Housing, is focused on affordable housing opportunities in Colorado, and has successfully developed eight affordable housing projects with more than 700 units.

Kortney Brown, Stephen Sparks and Robbie Lynn of KeyBank Community Lending and Investment structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting.

About KeyBank Community Development Lending and Investment

KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 10 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.

About KeyBanc Capital Markets

KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. Our deep industry expertise, broad capabilities and unique ideas are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, and Technology verticals. With over 800 professionals across a national platform, KeyBanc Capital Markets has more than $50 billion of capital committed to clients and an award-winning Equity Research team that provides coverage on nearly 600 publicly traded companies. Securities products and services are offered by KeyBanc Capital Markets Inc., member FINRA/SIPC, and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services, are offered by KeyBank N.A.

About KeyCorp

KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $198 billion at March 31, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

In fiscal 2022, Chris Martland, Senior Procurement Manager at the Cloquet Mill, received a grant for Log A Load For Kids to purchase gift cards to support families visiting their child at one of the regional Gillette Children’s clinics in Northern Minnesota. Gillette’s mission is treating children who have brain, bone and movement conditions, helping them to realize all they can achieve. This partnership helps Gillette provide comprehensive services, highly trained specialists, an integrated team approach, family-centered care and a lifetime of services to its patients. Chris has been the Board Chair of Minnesota Log A Load For Kids for the past 10 years. The organization began in 1988, when loggers and others in the forest products community donated the financial value of a load of logs to their local Children’s Miracle Network Hospitals.

In 2021, Minnesota Log A Load For Kids contributed $45,000, and since 1997 has contributed $648,970 to Gillette Children’s through Children’s Miracle Network Hospitals.

On June 26, the International Sustainability Standards Board (ISSB) issued its inaugural sustainability standards: IFRS S1 and IFRS S2. These are standards that, in the words of ISSB Chair Emmanuel Faber, “have been designed to help companies tell their sustainability story in a robust, comparable and verifiable manner.” Faber also emphasizes that, “we have consulted closely with the market to ensure the Standards are proportionate and will result in disclosures that are relevant for investment decision-making.”

These are standards that have broad support from international policymakers, market regulators, investors, companies. Upon publication of the standards, Erkki Liikanen, Chair of the IFRS Foundation Trustees, stressed that the global baseline approach is, “supported by the G20 and others,” including the International Organization of Securities Commissions (IOSCO), the Financial Stability Board, and the G7.

But what do these standards mean for your business? And how should you prepare?

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Originally published on DICK’S Sporting Goods Sideline Report

TOGETHER, WE CHANGE LIVES

Today we’re bringing you the latest quarterly giving series from The DICK’S Sporting Goods Foundation to highlight the great work being done in support of our mission to help inspire and enable youth sports participation.

In our first quarter of 2023, we:

Launched a new grant program, “75for75,” to celebrate our company’s 75th anniversary;Renewed a $1.5 million partnership between The DICK’S Foundation and Good Sports;Launched a new $1.5 million partnership between The DICK’S Foundation and Local Initiatives Support Corporation (LISC);Doubled down with teammate support from our distribution centers; andDistributed over 340 grants in 41 states, helping to give over 58,000 youth athletes the chance to play!

Read on to learn more. 

GIVING BACK TO CELEBRATE 75 YEARS

To celebrate our company’s 75th anniversary, The DICK’S Foundation is giving away 75 grants of $75,000 to under-resourced youth sports programs around the country that are changing lives through sport — on and off the field. In 2023, “75for75” will distribute more than $5.6 million to support student athletes across the country. 

Today, we proudly feature six remarkable stories from a few of our first 75for75 recipients. With more organizations in our line up, we’re just getting started.

BRIDGE LACROSSE: DALLAS, TX

Bridge Lacrosse is a sports-based youth development nonprofit with a mission to use lacrosse to broaden the horizons of youth living in North Texas urban communities. Their pride in that mission was reflected by Executive Director David Higbee when he spoke after receiving the 75for75 grant.

“We’ve had kids who were running around here when they were little and now, they’re back as part of Bridge,” said Higbee. “When we see these kids return as adults to volunteer, it shows the impact that Bridge had on them.”

The funds from the grant will assist with the resources needed for Bridge to put on their spring season in 2024 and beyond.

HIGH POINT HIGH SCHOOL: HIGH POINT, NC

Serving as a safe haven for area youth, the softball program at High Point High School needed help. Not only was their playing field unsafe, but they were in desperate need of equipment and uniforms.

“Playing softball on this team has excited these ladies because it was a safe place for them. Many had never played organized softball before,” said head coach Martha King. “This team really desires to play on a field they can be proud of.”

In April, DICK’S surprised High Point Central High School with a 75for75 grant ahead of their final home softball game of the regular season. The funds will help give the program a complete transformation as they will be able to make improvements to their field and purchase new equipment and uniforms.

SOCCER UNITY PROJECT: BOSTON, MA

Using the power of soccer to build community, unite people from diverse backgrounds and promote equality at the youth level, the Soccer Unity Project is making a difference in Boston. This past spring, DICK’S surprised them with a 75for75 grant, and the impact will be felt throughout the organization. They will use the funds to support their citywide clinics, summer programs, adaptive soccer equipment, recreational leagues and more.

“Kids in Boston are able to play soccer because of the support we receive as we are changing the culture of youth soccer to one of inclusion and connection,” said Soccer Unity Project Founder Caroline Foscato. “We are truly so appreciative of DICK’S and their belief and support of our work.”

AMORY HIGH SCHOOL: AMORY, MS

When an EF3 tornado tore through northeast Mississippi, USAF Veteran and DICK’S Tupelo Store Manager Tyler Roberts knew he had to help. Just 26-miles down the road, the town of Amory had been devastated by destruction, and the flood had destroyed the Amory High School softball field.

When he reached out to Coach Jessica Seger, she told him the unthinkable: “We’re going to keep playing.”

Sometimes, in the smallest towns, you’ll find the strongest hearts. Read more.

FIGURE SKATING IN HARLEM: HARLEM, NY

Figure Skating in Harlem is much more than skating; it’s a safe space in an under-resourced community for young girls to achieve academic excellence and physical well-being. Founded in 1997, Figure Skating in Harlem helps its students build life skills like leadership, self-confidence and teamwork. The program also focuses on academics, spoken word and tutoring.

This past March, an ordinary day on the ice turned into a $75K celebration for the young girls and staff at the organization when they were surprised with a 75for75 Sports Matter Grant. Read more.

WESTINGHOUSE ACADEMY: PITTSBURGH, PA

Our first 75for75 grant recipient was the Westinghouse Academy varsity football team. This program recently became the first Pittsburgh City League team in 25 years to play for a state championship. But what’s most impressive about the program is the culture coach Donta Green created for his players, emphasizing hard work, discipline and high standards of academics and behavior on and off the field.

“In a place like Westinghouse, there are a lot of opportunities for a kid to go down the wrong path. The trauma that our kids have to experience is not normal,” said Green. “It’s an ongoing battle, but we can’t afford to stop because I don’t know where I would be or where my kids would be without football.” Watch more.

CONNECTING WITH OUR PARTNERS

In addition to our 75for75 grant program, we continued to make a difference with youth sports organizations across the country through partnerships.

The Foundation renewed a $1.5 million partnership with Good Sports to provide 20 of the most under-resourced communities across the country with $75,000 worth of youth sports equipment to drive equitable access in youth sports and physical activity.

The Foundation also partnered with the Local Initiatives Support Corporation (LISC) to launch the Game On-Community Places to Play Initiative, a new $1.5 million partnership that will provide funding and technical assistance to community-rooted organizations working to create and renovate multi-use youth sport spaces in under-resourced communities.

Additional information regarding these partnerships will be shared throughout the year.

OUR DCS GIVE BACK

The DICK’S Sporting Goods Distribution Centers (DCs) also make sure to get involved in their respective communities as it takes a full-team effort to help save youth sports.

Since 2016, the DCs raised more than $1.5 million to support the Sports Matter program.

Throughout the first quarter, our Plainfield DC held teammate sales and auctions in support of The Foundation. In 2023 alone, our teammates at the Plainfield DC have raised over $6,000 for youth sports programs in need.

Meanwhile, in March, representatives of the Goodyear DC presented Copper Canyon High School of Glendale, Arizona with a $10,000 grant to purchase new tennis rackets, softball bats and uniforms.

THESE MOMENTS ARE MADE POSSIBLE BY CONTRIBUTIONS TO THE SPORTS MATTER FUND. IF YOU’D LIKE TO DONATE, VISIT WWW.SPORTSMATTER.ORG.