KeyBank Provides $64.7 Million of Financing for New Affordable Housing in Salt Lake City
KeyBank has provided $64.7 million in financing for the construction of Silos Apartments, a new affordable housing project in Salt Lake City, Utah. The financing includes $16.6 million in low-income housing tax credit equity, a $21.3 million construction loan, and $6.3 million taxable equity bridge. The project will add 180 units of affordable housing for families earning up to 60% of the area median income. KeyBank's Commercial Mortgage Group also originated a $20.5 million permanent loan, while KeyBanc Capital Markets secured $21.3 million in Utah Housing Multifamily Housing Revenue Bonds.
Silos Apartments is part of a larger master-planned development in the Granary District, aiming to address Utah's substantial need for affordable housing. The project is sponsored by Blaser Ventures, a local affordable housing developer. KeyBank's involvement in this project aligns with its commitment to community development and affordable housing initiatives.
KeyBank ha fornito 64,7 milioni di dollari in finanziamenti per la costruzione degli Silos Apartments, un nuovo progetto di edilizia residenziale accessibile a Salt Lake City, Utah. Il finanziamento include 16,6 milioni di dollari in capitale di credito fiscale per abitazioni a basso reddito, un prestito per la costruzione di 21,3 milioni di dollari e un ponte di capitale imponibile di 6,3 milioni di dollari. Il progetto aggiungerà 180 unità di abitazioni accessibili per famiglie che guadagnano fino al 60% del reddito medio della zona. Il Commercial Mortgage Group di KeyBank ha anche originato un prestito permanente di 20,5 milioni di dollari, mentre KeyBanc Capital Markets ha garantito 21,3 milioni di dollari in obbligazioni per l'edilizia residenziale multifamiliare dell'Utah.
Gli Silos Apartments fanno parte di uno sviluppo più ampio pianificato nel Granary District, volto a rispondere al notevole bisogno di edilizia residenziale accessibile in Utah. Il progetto è sponsorizzato da Blaser Ventures, un sviluppatore locale di edilizia residenziale accessibile. Il coinvolgimento di KeyBank in questo progetto è in linea con il suo impegno per lo sviluppo della comunità e iniziative di edilizia residenziale accessibile.
KeyBank ha proporcionado 64,7 millones de dólares en financiamiento para la construcción de los Silos Apartments, un nuevo proyecto de vivienda asequible en Salt Lake City, Utah. El financiamiento incluye 16,6 millones de dólares en capital de crédito fiscal para viviendas de bajos ingresos, un préstamo de construcción de 21,3 millones de dólares y un puente de capital imponible de 6,3 millones de dólares. El proyecto añadirá 180 unidades de vivienda asequible para familias que ganan hasta el 60% del ingreso medio del área. El Grupo de Hipotecas Comerciales de KeyBank también originó un préstamo permanente de 20,5 millones de dólares, mientras que KeyBanc Capital Markets aseguró 21,3 millones de dólares en bonos de ingresos para viviendas multifamiliares de Utah.
Los Silos Apartments son parte de un desarrollo más amplio planificado en el Distrito Granary, cuyo objetivo es abordar la importante necesidad de vivienda asequible en Utah. El proyecto está patrocinado por Blaser Ventures, un desarrollador local de vivienda asequible. La participación de KeyBank en este proyecto está alineada con su compromiso con el desarrollo comunitario y las iniciativas de vivienda asequible.
KeyBank는 6천470만 달러의 자금 지원을 제공하여 유타주 솔트레이크시티에 새로운 저소득 주택 프로젝트인 실로스 아파트를 건설합니다. 이 자금 지원은 1천660만 달러의 저소득 주택 세금 크레딧 자본, 2천130만 달러의 건설 대출 및 630만 달러의 과세 자본 브리지를 포함합니다. 이 프로젝트는 지역 중위 소득의 60% 이하를 벌어들이는 가족을 위한 180개 유닛의 저렴한 주택을 추가할 것입니다. KeyBank의 상업 담보 대출 그룹은 또한 2천50만 달러의 영구 대출을 제공했으며, KeyBanc Capital Markets는 유타 주 주택 다가구 주택 수익 채권에서 2천130만 달러를 확보했습니다.
실로스 아파트는 유타의 실질적인 저소득 주택 수요를 해결하기 위한 목적의 그라나리 지구의 광범위한 마스터 플랜 개발의 일환입니다. 이 프로젝트는 지역 저소득 주택 개발자인 블레이저 벤처스가 후원합니다. KeyBank의 이 프로젝트 참여는 지역 사회 개발 및 저소득 주택 이니셔티브에 대한 헌신과 일치합니다.
KeyBank a fourni 64,7 millions de dollars de financement pour la construction des Silos Apartments, un nouveau projet de logement abordable à Salt Lake City, Utah. Le financement comprend 16,6 millions de dollars en capitaux de crédit d'impôt pour des logements à faible revenu, un prêt de construction de 21,3 millions de dollars et un pont de capitaux imposables de 6,3 millions de dollars. Le projet ajoutera 180 unités de logements abordables pour les familles gagnant jusqu'à 60 % du revenu médian de la zone. Le groupe Commercial Mortgage de KeyBank a également accordé un prêt permanent de 20,5 millions de dollars, tandis que KeyBanc Capital Markets a sécurisé 21,3 millions de dollars d'obligations de revenu pour logements multifamiliaux de l'Utah.
Les Silos Apartments font partie d'un développement plus vaste prévu dans le quartier Granary, visant à répondre au besoin important de logements abordables dans l'Utah. Le projet est parrainé par Blaser Ventures, un promoteur local de logements abordables. L'implication de KeyBank dans ce projet est en accord avec son engagement en faveur du développement communautaire et des initiatives de logement abordable.
KeyBank hat 64,7 Millionen Dollar an Finanzierung für den Bau der Silos Apartments bereitgestellt, einem neuen Projekt für bezahlbaren Wohnraum in Salt Lake City, Utah. Die Finanzierung umfasst 16,6 Millionen Dollar an Eigenkapital aus Steuervergünstigungen für einkommensschwache Haushalte, ein Baukredit von 21,3 Millionen Dollar und 6,3 Millionen Dollar an steuerpflichtigem Eigenkapital. Das Projekt wird 180 Einheiten von bezahlbarem Wohnraum für Familien hinzufügen, die bis zu 60% des mittleren Einkommens der Region verdienen. Die Commercial Mortgage Group von KeyBank hat auch einen dauerhaften Kredit in Höhe von 20,5 Millionen Dollar bereitgestellt, während KeyBanc Capital Markets 21,3 Millionen Dollar an Wohnungsanleihen für Mehrfamilienhäuser in Utah gesichert hat.
Die Silos Apartments sind Teil einer größeren, mastergeplanten Entwicklung im Granary District, die darauf abzielt, dem erheblichen Bedarf an bezahlbarem Wohnraum in Utah gerecht zu werden. Das Projekt wird von Blaser Ventures, einem lokalen Entwickler für bezahlbaren Wohnraum, gesponsert. Das Engagement von KeyBank in diesem Projekt steht im Einklang mit seinem Bekenntnis zur Gemeindeentwicklung und zu Initiativen für bezahlbaren Wohnraum.
- KeyBank provided $64.7 million in financing for affordable housing in Salt Lake City
- The project will add 180 units of affordable housing for families earning up to 60% AMI
- KeyBank secured $21.3 million in Utah Housing Multifamily Housing Revenue Bonds
- The project addresses the substantial need for affordable housing in Utah
- KeyBank has earned 11 consecutive 'Outstanding' ratings on the Community Reinvestment Act exam
- None.
KeyBank's $64.7 million financing of the Silos Apartments project in Salt Lake City is a significant development. From a financial standpoint, the commitment showcases KeyBank's strong position and willingness to invest in community-oriented projects. The $21.3 million construction loan and the $20.5 million permanent loan indicate robust financial support. Furthermore, the integration of Low Income Housing Tax Credit (LIHTC) and tax-exempt bonds for financing is a strategic move, reducing the cost of capital for the project. This funding arrangement can drive returns for KeyBank through interest income and potential tax benefits. Investors should watch for how these financial structures impact KeyBank's overall portfolio risk and returns.
The Silos Apartments project is poised to have a transformative impact on the Granary District in Salt Lake City. With 180 units of affordable housing, it addresses a critical need in a rapidly growing city. Affordable housing developments are often seen as stabilizing forces in their communities, providing long-term residence options in high-demand areas. The choice of the Granary District, a mixed-use neighborhood with amenities, further enhances the project's appeal. This development could boost local economic activity and property values in the surrounding area, making it an attractive investment for those interested in long-term real estate growth.
This financing deal is reflective of broader trends in the affordable housing market. The utilization of LIHTC and tax-exempt bonds highlights ongoing government support for such projects, which is critical as demand for affordable housing continues to outstrip supply. It’s important to note that such projects also align with environmental, social and governance (ESG) investing trends, which are gaining traction among investors. The involvement of KeyBank, with its strong track record in community development, adds credibility and security to the project. For retail investors, this news suggests continued growth and government backing in the affordable housing sector, which could be a stable investment avenue.
Silos Apartments will add 180 units of much needed affordable housing for families
CLEVELAND, OH / ACCESSWIRE / July 22, 2024 / KeyBank Community Development Lending and Investment (CDLI) provided
Silos is also a 180-unit tax exempt bond project with
KeyBank's Commercial Mortgage Group originated a
The sponsor for the project, Blaser Ventures (fka BCG Affordable Residential Communities), is an affordable housing developer based in Salt Lake City.
Silos Apartments will provide 180 apartments consisting of 60 studio units, 100 one-bedroom units and 20 two bedroom units for individuals and families earning no more than
Silos development is in the Granary District, one of the oldest mixed-use neighborhood with shopping and recreational amenities within walking distance.
"In addition to becoming one of the city's most vibrant neighborhoods, the Granary District will also help to address the substantial need for affordable housing in Utah," said Robert Likes, president of KeyBank Community Development Lending and Investment (CDLI). "KeyBank is invested in the expansion of its community impact, and we continue to provide more capital to low-income communities throughout the country."
Kortney Brown and Jeremiah Drake of KeyBank CDLI structured the financing for the transaction. Hector Zuniga of KeyBank Commercial Mortgage Group facilitated the permanent loan placement and Sam Adams of KeyBanc Capital Markets underwrote the tax-exempt bonds.
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 11 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
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
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FAQ
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