SALT LAKE CITY — KeyBank has secured $43.3 million in financing on behalf of the Housing Authority of Salt Lake City for a redevelopment and an adjacent ground-up affordable housing construction project. The projects include Sunrise Metro, a renovation of an existing 100-unit, four-story structure with the addition of 18 new units to the second floor, and Atkinson Stacks, a 100-unit new-construction building. KeyBank Community Development Lending and Investment (CDLI) provided a $27.3 million construction loan. KeyBank’s Commercial Mortgage Group (CMG) also arranged permanent financing with a $16 million Freddie Mac 9 percent LIHTC forward commitment. Units are restricted at 25 to 35 percent of area median income across studio and one-bedroom floor plans. The federal and state LIHTC credits will be purchased/syndicated by The Richman Group. Rachel Grudzien of KeyBank CDLI and Hector Zuñiga of KeyBank CMG structured the financing.
The Housing Authority of Salt Lake City is developing 218 affordable housing units within a rehabbed existing building and an adjacent ground-up project. Sacred Circle, a supportive services and case management provider, will occupy ground-floor space in the new building.
KeyBank Secures $43.3 Million for Two Salt Lake City Affordable Housing Developments
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