KeyBank Provides $67 Million of Financing for Affordable Senior Housing Property in Oregon

Rhea-AI Impact

(Low)

Rhea-AI Sentiment

(Neutral)

Tags

05/02/2023 - 01:10 PM

CLEVELAND, OH / ACCESSWIRE / May 2, 2023 / KeyBank Community Development Lending and Investment (CDLI) provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, an affordable senior housing property in Portland, Oregon. The sponsor, Home Forward, is a developer, owner, and operator of more than 9,500 affordable households in Portland and its surrounding counties.

KeyBank's CDLI group arranged a $27.2 million construction loan, a $21.3 million private placement permanent loan, and Low-Income Housing Tax Credit (LIHTC) equity of $18.7 million. The project received local support and engagement through the Oregon State Affordable Housing Tax Credits and the Section 8 Project-Based Rental Assistance (PBRA).

Grace Peck Terrace consists of 95 one-bedroom units for individuals aged 62 and older or disabled persons earning no more than 60% of the area median income (AMI). The project will include a resident coordinator who will provide tenants with supportive services including health and wellness check-ins and housing stability support, which will entail financial education, conflict resolution, social capital development, needs assessments, and surveys to determine resident requirements.

Through community partnerships, residents will also have access to on -and- off site services such as emergency food assistance, nutrition and health education, home care services, case management, health services, nursing programs, health and wellness services, and social isolation reduction services.

Grace Peck Terrace offers accessibility to the Banfield Expressway/I84 and has received a WalkScore of 96. The property is located near alternative transportation options, such as the TriMet fixed-route bus system and Metropolitan Area Express (MAX) light rail system, and ensures tenants will be able to travel efficiently throughout the city and access important amenities and services.

Kortney Brown and Brett Sheehan of KeyBank CDLI structured the financing.

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 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.

KeyBank, Tuesday, May 2, 2023, Press release picture