KeyBank Secures $29M for Affordable Housing Community in West Palm Beach
KeyBank has secured $29.2 million in financing on behalf of multifamily developer Housing Trust Group to build Flagler Station, a 94-unit affordable housing property in West Palm Beach.
Located at 991 Banyan Blvd., the community will consist of an eight-story apartment building with 94 one-, two- and three-bedroom units. Units will be restricted to those earning 30% to 80% of the area median income. The property will also include a two-story parking garage with 80 spaces, a leasing office, fitness center and community room.
Kyle Kolesar, Mimi Brennan and Robbie Lynn of KeyBank secured the financing on behalf of HTG. KeyBank Community Development Lending and Investment (CDLI) secured a $20.3 million construction loan and KeyBank’s Commercial Mortgage Group secured an $8.9 million Freddie Mac forward commitment permanent loan. Additionally, the County of Palm Beach has committed $625,000 of soft financing that will close simultaneously with the construction loan and pay a portion of construction costs.
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