KeyBank Community Development Lending and Investment (CDLI) provided $67 million for the acquisition and rehabilitation of Grace Peck Terrace Apartments, a 95-unit affordable senior housing property in Portland, OR. Home Forward, the sponsor of this project is an experienced developer, owner and operator with more than 9500 affordable households in Portland’s surrounding counties.
The CDLI group arranged a construction loan worth $27.2 million along with private placement permanent loan worth $21.3 million as well as Low-Income Housing Tax Credit equity amounting to 18.7 million dollars for this project which received local support through Oregon State Affordable Housing Tax Credits and Section 8 Project-Based Rental Assistance programs too . Kortney Brown & Brett Sheehan from KeyBank CDLI structured the financing successfully .
