KeyBank Finances $50.4 Million for the Construction of Multifamily Affordable Housing in Boulder, CO
Diagonal Crossing will offer the community 105 new units of affordable housing for individuals and families with incomes at or below 60% area median income (AMI)
CLEVELAND, January 28, 2019 /3BL Media/ — KeyBank announced today $50.4 million in total combined financing for a tax-exempt bond transaction to support Koelbel & Company’s construction of Diagonal Crossing. Diagonal Crossing is a 105-unit garden-style apartment community that is income-restricted for families earning at or below 60% AMI in Boulder, CO.
KeyBank’s Community Development Lending & Investment (CDLI) team provided a $24.7 million construction loan and $10.4 million in Low-Income Housing Tax Credit (LIHTC) equity. Additionally, KeyBank Real Estate Capital arranged a $15.3 million permanent loan through a forward commitment for Fannie Mae to issue a mortgage-backed security (MBS) as a part of its M.TEBs product line.
Diagonal Crossing will be developed on two parcels of land called Lot 3 and Lot 6, offering a total of 105 new affordable housing units. Lot 3 will feature 85 affordable housing units in two, three-story walk-up buildings and one, two-story walk-up building. Lot 6 will feature 20 affordable housing units across four different buildings.
Sarah Geis and Beth Palmer Wirtz of KeyBank’s CDLI team collaborated with Jeff Rodman of KeyBank’s Commercial Mortgage Group on the financing for the project.
About Key Community Development Lending/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. For its ability to lend to, invest in, and serve its communities – especially low-to-moderate income communities – KeyBank has earned nine consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
About KeyBank Real Estate Capital
KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located across the country, provide a broad range of financing solutions on both a corporate and project basis. The group provides interim and construction finance, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing, seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.
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 $139.6 billion at December 31, 2018. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 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. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
Media Contact: Laura Mimura, laura.mimura@key.com, 216.471.2883
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