Keybank Provides a Total of $11.8 Million in Financing for Vancouver, Wa, Affordable Housing Development
CLEVELAND, July 21, 2017 /3BL Media/ -- KeyBank’s Community Development Lending & Investment (CDLI) team provided a total of $11.8 million in financing for the construction of Meriwether Place Apartments, an affordable housing development, located in Vancouver, WA. Key provided a $5.8 million construction loan and $6 million in LIHTC equity.
Meriwether Place will feature 30 studio units, with 23 set aside for individuals experiencing permanent homelessness, or households that are at high risk for homelessness. Fifteen units will be restricted for tenants earning at or below 30% AMI, with the other 15 units being designated for tenants earning at or below 50% AMI.
Individual units include a fully-equipped kitchen consisting of a dishwasher, microwave, refrigerator, and range. Other property amenities include: a community room, leasing facilities, common laundry facilities, a pea patch area with raised planting beds and an adjacent community patio area. Additionally, the property will also include 6,300 square feet of commercial space located on the ground floor, designed to provide mental health and other services to residents.
The project received permanent financing from Washington Community Reinvestment Association.
Aubre Dickson and Beth Palmer of Key’s CDLI group arranged the financing.
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 $135.8 billion at June 30, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank 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. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
Press Contact: Laura Mimura laura.mimura@key.com, 216.471.2883
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