KeyBank Secures $23.5 Million For Affordable Housing In Utah
Sandy— KeyBank Community Development Lending and Investment (CDLI) has secured $23.5 million of construction and permanent financing for the Wasatch Residential Group (WRG), a real estate development, construction, finance and asset management company based in Salt Lake City to construct Arcadia Apartments II in Sandy, Utah.
The 177-unit affordable family housing apartment development, which will be limited to 60 percent area median income, will consist of 52 one-bedroom, 82 two-bedroom, and 43 three-bedroom units. The project is adjacent to Arcadia Apartments I, previously developed by WRG, and will share access to amenities including a pool, hot tub and fitness room.
The project was awarded a 4% low-income housing tax credit (LIHTC), and Enterprise Community Partners, the equity investor, is providing $15.6 million in LIHTC equity. The project also was awarded private activity bonds, which were purchased by KeyBank as a private placement.
Sarah Geis of Key’s CDLI team arranged the financing.
KeyBank has worked with WRG since the early 1990s on numerous multifamily, office and residential condominium properties.
About Key Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit lending and investing, Key is one of a handful of affordable housing lenders in the country with a platform that brings together balance sheet, equity, and permanent loan offerings. For its ability to lend to, invest in, and serve its communities – especially low-to-moderate income communities – KeyBank has earned nine consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
About KeyBank Real Estate Capital
KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located across the country, provide a broad range of financing solutions on both a corporate and project basis. The group provides interim and construction financing, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing, seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.
KeyCorp’s roots trace back 190 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 $146.7 billion at September 30, 2019. 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 more than 1,100 branches and more than 1,400 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 key.com. KeyBank is Member FDIC.