KeyBank, a leading financial institution, has provided $36.3 million in financing for the construction of Elevate at Aurora, a 137-unit affordable housing project located in Aurora, CO. The funding was made possible through KeyBank’s Community Development Lending and Investment (CDLI) division which contributed $30 million in Low Income Housing Tax Credit (LIHTC) equity and an additional $6.3 million equity bridge loan.
The project is being developed by Columbia Ventures with an estimated total cost of $61 million. KeyBank Commercial Mortgage Group also played a role by securing private activity bonds worth $31.245 million from one of its capital markets investors to structure the financing as a construction-to-permanent-Tax-Exempt Loan (TEL).
Elevate at Aurora will offer units for low-income households ranging from 30% to 70% of area median income (AMI). The mix includes studio, one-, two-, and three-bedroom apartments designed to cater to various family sizes and needs.
The Housing Authority of the City of Aurora serves as Special Limited Partner for this development that aims to provide much-needed affordable housing options in the community.
