KeyBank Community Development Lending and Investment (CDLI) has contributed to the development of Silos Apartments, a new affordable housing high-rise in Salt Lake City, Utah. The project received $16.6 million in low-income housing tax credit equity from KeyBank CDLI, along with a $21.3 million construction loan and a $6.3 million taxable equity bridge.
The financing was structured by Kortney Brown and Jeremiah Drake of KeyBank CDLI, while Hector Zuniga of KeyBank Commercial Mortgage Group facilitated the placement of a privately placed forward committed rate-locked permanent loan worth $20.5 million for the project sponsor Blaser Ventures – an affordable housing developer based in Salt Lake City.
In addition to this, KeyBanc also secured and sold Utah Housing Corporation Multifamily Housing Revenue Bonds worth $21.3 million for the transaction through its Capital Markets division underwritten by Sam Adams.
Silos Apartments will feature 180 apartments comprising 60 studio units, 100 one-bedroom units and 20 two-bedroom units along with a separate garage financed by Catalyst Opportunity Fund – providing much-needed affordable housing options for residents in Salt Lake City.
This significant investment from KeyBank highlights their commitment towards supporting community development projects that address critical needs like affordable housing across various regions.
