KeyBank Provides Financing for Aurora Affordable Housing Project

KeyBank provided $36.3 million for the new construction of Elevate at Aurora, a 137-unit family project in Aurora, CO. KeyBank Community Development Lending and Investment (CDLI) provided $30 million in Low Income Housing Tax Credit (LIHTC) equity, including $5.5 million of Colorado State tax credit equity. KeyBank CDLI also provided a $6.3 million equity bridge loan.  KeyBank Commercial Mortgage Group placed $31.245 million in private activity bonds through one of its capital markets investors, structured as a construction-to permanent-Tax-Exempt Loan (TEL). The project’s sponsor is Columbia Ventures. The projected cost for the development is $61 million.

Elevate at Aurora will include low-income units for households at 30%, 40%, 50%, 60% and 70% of area median income (AMI) in a mix of studio, one-, two-, and three-bedroom units. The Housing Authority of the City of Aurora serves as Special Limited Partner. 

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