KeyBank Arranges $15.5 Million in Financing for Affordable Housing in Renton, WA
Royal Hills Apartments offers housing options to those with disabilities making at or below 50% AMI
CLEVELAND, April, 7 2017 /3BL Media/ — KeyBank’s Community Development Lending & Investment (CDLI) team has provided a $15.5 million bridge to HUD loan for the Royal Hills Apartments, a 284-unit multifamily property located in Renton, WA. Of the 284 units, 281 are designated affordable housing for individuals and families making at or below 45% AMI; however, 57 of these units are specifically set aside for individuals and families with disabilities making at or below 50% AMI.
“KeyBank’s CDLI team is dedicated to finding the right financial solution for every affordable housing property,” said Rob Likes, national manager of KeyBank’s CDLI team. “We believe in helping clients and communities thrive by providing organizations like Preservation Partners Development with the means to manage safe, decent affordable housing.”
Royal Hills Apartments features common area amenities such as central laundry, a playground and a community room. Residents can also take advantage of a business center and a service coordinator who can assist with computer classes, tutoring and resume building.
“Royal Hills Apartments offers the Renton community expanded access to affordable housing amidst high demand and low vacancy rates,” said Irena Edwards, senior vice president in KeyBank’s CDLI group who arranged the financing. “Our CDLI team is proud to help fill the need for affordable housing in communities nationwide.”
Residents at Royal Hills Apartments also have relatively easy access to local employers, retailers and public transportation.
“Our longstanding effort to serve the Renton community is bolstered by KeyBank’s financial support,” said Bill Szymczak, managing partner at Preservation Partners Development. “We greatly appreciate the bank’s partnership, as it allows us to continue managing affordable housing that serves those in need.”
About Key Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit lending and investing, Key is one of a handful of affordable housing lenders in the country with a platform that brings together balance sheet, equity, and permanent loan offerings. CDLI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is Low Income Housing Tax Credit (LIHTC) projects. For its ability to lend to, invest in, and serve its communities –especially low-to-moderate income communities – KeyBank has earned eight consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
About KeyCorp
KeyCorp’s roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies with assets of approximately $136.5 billion at December 31, 2016. Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 15 states under the name KeyBank National Association and First Niagara Bank, National Association, through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.
About Preservation Partners Management
Preservation Partners acquires, rehabilitates and permanently preserves at-risk affordable housing resources which were originally developed under U.S. Department of Housing and Urban Development (HUD) financing and direct rental subsidy programs. Their objective is to provide long-term, secure housing communities, and in partnership with affiliated nonprofit corporations, provide supportive social services focused on the most basic needs for very low income families and seniors.
