KeyBank Community Development Lending and Investment (CDLI) provided $67 million in financing for the acquisition and rehabilitation of Grace Peck Terrace Apartments, a 95-unit affordable senior housing property located in Portland, OR. Home Forward is the developer, owner, and operator of this project as well as over 9500 other affordable households across Portland’s surrounding counties.
The CDLI group structured a $27.2-million construction loan along with a $21.3-million private placement permanent loan to complete the financing package which also included Low Income Housing Tax Credit equity totaling 18.7 million dollars from Oregon State Affordable Housing Tax Credits and Section 8 Project Based Rental Assistance programs that received local support through engagement initiatives . Kortney Brown & Brett Sheehan acted on behalf of KeyBank CDLI to structure this successful transaction .
