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KeyBank Provides $34M for Denver Affordable Acquisition, Rehab
Connect Apartments is planned next month in Los Angeles. You can get more information and register to attend on this link.
Gorman & Company secured $34.1 million in combined financing from KeyBank Community Development Lending & Investment (CDLI) for the acquisition and rehabilitation of The Colburn Apartments in Denver. The property, which once served as an historic hotel, will be renovated to include modernized amenities and 91 studio units, plus a manager’s unit.
The financing included a $10.8 million LIHTC equity investment, $15 million KeyBank construction loan and an $8.3 million Freddie Mac tax exempt loan (TEL).
KeyBank’s Rob Likes says, “Through our integrated platform, KeyBank is able to provide our clients with unique financing solutions that meet their individual needs.” He notes, the financing reflects KeyBank’s commitment to preserving affordable housing in neighborhoods across the country.
KeyBank’s Kelly Frank arranged the financing.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition

