KeyBank Provides $117M of Financing for Two Affordable Housing Developments in Colorado

CLEVELAND, July 5, 2023 /3BL/ – KeyBank Community Development Lending and Investment (CDLI) provided $117.7 million of financing to Brinshore Development and Mile High Affordable Housing, leading developers of affordable multifamily communities, for the construction of two properties in Colorado.

CDLI provided $56.9 million of financing to fund the new construction of Ralston Gardens Apartments, a 102-unit family project in Arvada, Colorado, which will serve low-income families at 30%, 50%, 60%, and 70% of the Area Median Income (AMI). The building will contain 66 one-bedroom, 32 two-bedroom, and four three-bedroom units. Construction financing is being arranged by KeyBank with a $26.7 construction loan and a $14 million permanent loan through the Fannie Mae MTEB Program. KeyBank is also providing $16.2 million of total tax credit equity.

Ralston Garden Apartments, which is centrally located to transit hubs, shopping, parks, and local schools, received additional support and engagement from the Colorado Department of Local Affairs (CDOH), which provided a $4.3 million Housing Development Grant (HDG) loan.

CDLI also provided $60.7 million of financing for the new construction of Northfield Flats, a 129-unit project in Denver that will consist of 42 one-bedroom, 83 two-bedroom, and four three-bedroom units. All units will be available for families earning no more than 30%, 50%, 60%, 70% and 80% of the AMI. Construction financing is being arranged by KeyBank with a $28.2 construction loan and a $14.8 million permanent loan through the Fannie Mae MTEB Program. KeyBank is also providing $17.7 million of total tax credit equity. The project received local support with a $3.1 million Housing Trust Fund (HTF) loan from the Colorado Department of Local Affairs (CDOH) and a $4.5 million loan from Denver’s Department of Housing Stability (HOST).

Northfield Flats is conveniently located within the Northfield retail complex in Central Park, Denver’s premier mixed use master planned community. The property is located directly adjacent to the Shops at Northfield, a retail, entertainment, and dining center.

“KeyBank is invested in the expansion of its community impact, and we continue to provide more capital to low-income communities throughout the country,” said Victoria O’Brien, Head of Equity Originations at KeyBank CDLI. “As we further grow our platform in the Western region and collaborate with sponsors, we’re able to offer better affordable housing options to the individuals and families we serve.”

Brinshore Development, based in Chicago, is a national developer with a focus on development throughout the United States and has a current portfolio of 9,000 residential units valued at more than $1.3 billion in 100 communities. The second sponsor, Mile High Affordable Housing, is focused on affordable housing opportunities in Colorado, and has successfully developed eight affordable housing projects with more than 700 units.

Kortney Brown, Stephen Sparks and Robbie Lynn of KeyBank Community Lending and Investment structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting.

About KeyBank Community Development Lending and Investment

KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 10 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.

About KeyBanc Capital Markets

KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. Our deep industry expertise, broad capabilities and unique ideas are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, and Technology verticals. With over 800 professionals across a national platform, KeyBanc Capital Markets has more than $50 billion of capital committed to clients and an award-winning Equity Research team that provides coverage on nearly 600 publicly traded companies. Securities products and services are offered by KeyBanc Capital Markets Inc., member FINRA/SIPC, and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services, are offered by KeyBank N.A.

About KeyCorp

KeyCorp's roots trace back nearly 200 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 $198 billion at March 31, 2023. 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 approximately 1,000 branches and approximately 1,300 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.