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KeyBank CDLI Provides $67M on Portland Affordable Senior Housing
KeyBank Community Development Lending and Investment (CDLI) provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, a 95-unit affordable senior housing property in Portland, OR. The sponsor, Home Forward, is a developer, owner, and operator of more than 9,500 affordable households in Portland and its surrounding counties.
The CDLI group arranged a $27.2-million construction loan, a $21.3-million private placement permanent loan, and Low-Income Housing Tax Credit equity of $18.7 million. The project received local support and engagement through the Oregon State Affordable Housing Tax Credits and the Section 8 Project-Based Rental Assistance.
Kortney Brown and Brett Sheehan of KeyBank CDLI structured the financing.
- ◦Financing
