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Seattle & Northwest  + Seattle  + Finance  |  October 3, 2023
2. Keybank Provides $14M for Supportive Housing in Tacoma
Jasmine Kilman
By: Jasmine Kilman

KeyBank Provides $14M for Supportive Housing in Tacoma

KeyBank Community Development Lending and Investment (CDLI) provided $14.6 million in financing for the construction of New Life Homes, a 60-unit low-income housing project on Hilltop in Tacoma, Washington.

KeyBank CDLI provided a $14.6 million construction loan with LIHTC equity provided by the National Equity Fund (NEF). NEF is a tax credit syndicator, and KeyBank CDLI is also an investor in NEF’s Emerging Minority Developer Fund. Caleb Stephens of KeyBank structured the loan.

New Life Homes is sponsored and developed by Shiloh Baptist Church with Beacon Development Group serving as consultant. The Tacoma Housing Authority and Shiloh leveraged several public funding sources, tax credits, and traditional financing.

The Washington Community Reinvestment Association provided a loan of $2.9 million. Additional financing includes $6 million from the Washington State Housing Trust Fund, $4.4 million from the City of Tacoma, $5 million from Pierce County and a $1.1 million GP Capital Contribution.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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