KeyBank provided $83 million for the acquisition and rehabilitation of Woodway Square Apartments, a 240-unit, affordable, family project located in Austin, Texas. The property will undergo a rehabilitation with a total project cost of $72 million.

Construction financing is being arranged by KeyBank’s community development group with an equity bridge loan of approximately $18.2 million, a $40 million private placement construction to permanent loan provided and Low-Income Housing Tax Credit (LIHTC) equity of $24 million. 

The sponsor/developer Dominium is a prolific affordable housing developer.  

Woodway is for individuals and families earning no more than 60% of the area median income. The project received local support and engagement through the Section 811 Project Rental Assistance (PRA) program which provides project-based rental assistance for low-income persons with disabilities linked with long term services. The program is made possible through a partnership between the State Agency and the Texas Health and Human Services Commission (HHSC) and creates the opportunity for persons with disabilities to live as independently as possible.