Additional affordable multifamily homes are in Salt Lake City’s future after KeyBank’s community development lending and investment group provided a $31.3 million private placement construction and permanent loan for an upcoming project. Salt Lake-based developer Wasatch Residential Group is set to build The Quade, a five-story building comprising 237 units and a parking structure.

All units – a mix of studio, one-, two- and three-bedroom floor plans – will be restricted at 60 percent of the area median income under the low-income housing tax credit program. Amenities will include a clubhouse, swimming pool, hot tub, fitness center and outdoor courtyard with picnic area.

In addition to KeyBank’s loan, the project will be financed with low-income housing tax credits purchased by Goldman Sachs. The Utah Housing Corporation issued the tax credits and private activity bonds.

Sarah Geis and Tim Gerstmann of KeyBank’s community development lending and investment team structured the financing.