KeyBank Lends $117.7M for Denver Affordable Housing Projects

KeyBank Lends $117.7M for Denver Affordable Housing Projects

Key Bank Community Development Lending and Investment (CDLI) has provided $117.7 million to fund two Denver-area affordable housing projects, developed by Brinshore Development and Mile High Affordable Housing. These properties in Colorado also received financing from a number of area government sources.

CDLI offered $56.9 million for the new construction of Ralston Gardens Apartments, a 102-unit family project in Arvada that will serve low-income families with total tax credit equity amounting to $16.2 million from KeyBank as well as a $26.7 construction loan and a permanent loan worth $14 million through the Fannie Mae MTEB Program .

For Northfield Flats, CDLI granted an additional financing package totaling up to$60.7million for its 129 units available for families earning 30%-80% of Area Median Income (AMI). The project was funded by KeyBank’s total tax credit equity at$17..7million along witha$28..2constructionloanandapermanentloanworth$14..8millionthroughtheFannieMaeMTEBProgram .

These investments demonstrate Key Bank’s commitment towards providing quality affordable housing solutions across Denver while supporting local businesses involved in development projects within their communities

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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