KeyBank Finances Metro West Solutions Affordable Housing/Adaptive Reuse Project in Lakewood, CO
Redevelopment project provides 152 units to households making between 30 and 60% AMI
CLEVELAND, May 8, 2017 /3BL Media/ — KeyBank’s Community Development Lending & Investment (CDLI) team announced today the closing of a complete financing package for Metro West Housing Solutions Fifty Eight Hundred project (5800), a 152-unit affordable housing project located near Denver in Lakewood, CO. Specifically, CDLI provided $26.3 million construction loan, and a forward-starting $10.8 million Freddie Tax Exempt loan. In addition, KeyBank is investing $20.1 million in Low Income Housing Tax Credit equity.
The redevelopment of a vacant office building and unused parking lot at 5800 Alameda will help to address neighborhood blight and provide affordable housing options to workforce households and families making between 30 and 60 percent AMI. In addition, 5800 supports a range of community needs by offering safe, decent and affordable units; critical supportive services; and easy access to local resources such as schools, sports facilities, parks, playgrounds and retail centers.
Specifically, 25 percent of its units are designated for those making 30 and 50 percent AMI and 75 percent are for those making 60 percent AMI, with rents that fall within the Section 8 payment standard. On-site amenities include a community room, business center, fitness center, bike storage, rooftop deck, community garden, barbecue and picnic areas and free Wi-Fi internet service.
Metro West Solutions will also coordinate supportive services including emergency needs, computer skills classes, job search assistance, career planning, support with first-time homebuying, financial fitness classes and cooking and nutrition classes. Partnerships with local groups like ArtReach, The New America School (located nearby), The Red Rocks Church and The Food Bank of the Rockies will encourage residents to get creative, pursue adult education courses and take advantage of healthy food options made available at least twice a month.
“We develop beautiful, sustainable housing that meets the needs of our community members,” said Tami J. Fischer, Executive Director and CEO of Metro West Housing Solutions (MWHS). “We found in KeyBank a partner that is equally committed to this mission, and we are thrilled to get started on Fifty Eight Hundred together.”
“We are proud to partner with Metro Housing Solutions in its effort to revitalize the Lakewood, CO, neighborhood by providing a complete financing package to develop the Fifty Eight Hundred property,” said Rob Likes, national manager of KeyBank’s CDLI team.
“The Fifty Eight Hundred project does more than provide reasonable affordable housing options to the community. It helps revitalize a local neighborhood by redeveloping a formerly abandoned office building into affordable housing for hardworking individuals and families,” added Victoria Quinn, vice president and senior relationship manager in KeyBank’s CDLI group who arranged the financing.
The project broke ground on April 27, 2017 and is expected to be completed in the fall of 2018.
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 $134.5 billion at March 31, 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.
About Metro West Housing Solutions
Metro West Housing Solutions is a developer, property manager, and resident services provider. With more than 70 employees, Metro West Housing Solutions owns and manages apartment communities in Lakewood and Denver, Colorado, administers Housing Choice Vouchers to eligible Lakewood residents, and facilitates a wide range of resident services for clients. Beloved in their communities, MWHS developments are known for their modern aesthetic and hands-on approach to management.
