KeyBank Lends $117.7M for Two Denver Affordable Housing Projects

KeyBank Community Development Lending and Investment (CDLI) has provided $117.7 million for two Denver-area affordable housing projects. Brinshore Development and Mile High Affordable Housing are working together on the two properties in Colorado. The two builders received financing from a number of area government sources, as well.

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. 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.

CDLI also provided $60.7 million of financing for the new construction of Northfield Flats, a 129-unit project in Denver. All units will be available for families earning from 30%-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.