KeyBank Community Development Lending and Investment (CDLI) has recently announced their involvement in the financing of Silos Apartments, a new affordable housing high-rise building located in Salt Lake City, Utah. The project received $16.6 million in low-income housing tax credit equity, a $21.3 million construction loan and a $6.3 million taxable equity bridge from KeyBank CDLI.
The Cleveland-based bank’s Commercial Mortgage Group was responsible for originating the privately placed forward committed rate-locked permanent loan worth $20.5 million for this development project. Additionally, KeyBanc secured and sold Utah Housing Corporation Multifamily Housing Revenue Bonds totaling to $21.3 million to support the construction of Silos Apartments.
Blaser Ventures, an affordable housing developer based in Salt Lake City is sponsoring this project which will provide 180 apartments including 60 studio units, 100 one-bedroom units and 20 two-bedroom units along with a separate garage funded by Catalyst Opportunity Fund.
Kortney Brown and Jeremiah Drake from KeyBank CDLI structured the financing while Hector Zuniga from Commercial Mortgage Group facilitated placement of permanent loan at favorable rates for this transaction.The tax-exempt bonds were underwritten by Sam Adams from KeyBanc Capital Markets as well.
This news was first reported on Connect CRE where it highlighted that over$65M has been invested into making Silos Apartments possible through various financial instruments provided by KeyBank.
