Connect News Commercial Real Estate news for every market and every facet, every day.
Connect CRE Events Live and virtual events bringing together the best of information and networking.
CRE Industry Events Live industry events.
Connect Creative A full service marketing and PR agency.
Connect Classroom Offering CRE focused continuing education courses on demand.
ApartmentBuildings.com Is a dynamic platform to search for, list and promote multifamily listings nationwide.
Connect Awards View the A-list of commercial real estate & submit nominations.
Connect Media Kit Advertise, Promote, Attend, Create – Work with Connect.
Loantuitive Find the right lender for your loan.
About Connect Meet the team behind the machine and taste a little of the secret sauce.
Connect News

Your source for daily news covering CRE transactions and trends. Stay informed on national, regional and property sector news that matters to your business.

Connect Classroom

Offering on-demand online courses that provide continuing education credits for brokers, attorneys, appraisers and architects. Select from easily accessible video and written courses that cover a variety of CRE topics.

Find Your Course

STAY INFORMED

News when you need it. All our Breaking News, right to your inbox.

Sub Markets

Property Sectors

Topics

Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
Chicago & Midwest  + Midwest  + Apartments  |  July 18, 2024
Jasmine Kilman
By: Jasmine Kilman

KeyBank Provides $65M in Financing for Affordable Housing Property

KeyBank Community Development Lending and Investment (CDLI) provided $16.6 million in low-income housing tax credit equity, a $21.3 million construction loan and a $6.3 million taxable equity bridge for the construction of Silos Apartments, a new affordable housing high-rise building in Salt Lake City, Utah.

Cleveland-based KeyBank’s Commercial Mortgage Group originated a $20.5 million privately placed forward committed rate-locked permanent loan. KeyBanc also secured and sold $21.3 million in Utah Housing Corporation Multifamily Housing Revenue Bonds for the transaction. The project sponsor, Blaser Ventures, is an affordable housing developer based in Salt Lake City.

Silos Apartments will provide 180 apartments consisting of 60 studio units, 100 one-bedroom units and 20 two-bedroom units. The development will also include a separate garage financed by the Catalyst Opportunity Fund.

Kortney Brown and Jeremiah Drake of KeyBank CDLI structured the financing for the transaction. Hector Zuniga of KeyBank Commercial Mortgage Group facilitated the permanent loan placement, and Sam Adams of KeyBanc Capital Markets underwrote the tax-exempt bonds.

Connect

Inside The Story

KeyBank

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.
Order Reprints
New call-to-action