KeyBank Provides $64.7 Million of Financing for New Affordable Housing in Salt Lake City
Silos Apartments will add 180 units of much needed affordable housing for families
CLEVELAND, July 22, 2024 /3BL/ – KeyBank Community Development Lending and Investment (CDLI) provided $16.6 million in low income housing tax credit equity (state and federal), a $21.3 million construction loan and $6.3 million taxable equity bridge for the construction of Silos Apartments, a new affordable housing high rise building in Salt Lake City, Utah.
Silos is also a 180-unit tax exempt bond project with 4% Low Income Housing Tax Credit (LIHTC) integrated into the master planned 8.5-acre Silos development at Salt Lake City’s entrance from highway I-15.
KeyBank’s Commercial Mortgage Group originated a $20.5 million privately placed forward committed rate locked permanent loan. KeyBanc Capital Markets also secured and sold $21.3 million in Utah Housing Corporation Multifamily Housing Revenue Bonds for the transaction.
The sponsor for the project, Blaser Ventures (fka BCG Affordable Residential Communities), is an affordable housing developer based in Salt Lake City.
Silos Apartments will provide 180 apartments consisting of 60 studio units, 100 one-bedroom units and 20 two bedroom units for individuals and families earning no more than 60% of the area median income (AMI). The development will also include a separate garage financed by the Catalyst Opportunity Fund. This project is the first phase in a larger master mixed use development.
Silos development is in the Granary District, one of the oldest mixed -use neighborhood with shopping and recreational amenities within walking distance.
“In addition to becoming one of the city’s most vibrant neighborhoods, the Granary District will also help to address the substantial need for affordable housing in Utah,” said Robert Likes, president of KeyBank Community Development Lending and Investment (CDLI). “KeyBank is invested in the expansion of its community impact, and we continue to provide more capital to low-income communities throughout the country.”
Kortney Brown and Jeremiah Drake of KeyBank CDLI structured the financing for the transaction. Hector Zuniga of KeyBank Commercial Mortgage Group facilitated the permanent loan placement and Sam Adams of KeyBanc Capital Markets underwrote the tax-exempt bonds.
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 11 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 500 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 $187 billion at June 30, 2024. 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.
