KeyBank Community Development Lending and Investment (CDLI) announced that it is providing $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments in Portland, Oregon.
The senior housing community is being acquired by Home Forward, a public corporation that is the largest provider of affordable housing in the state, with its housing and programs serving approximately 15,500 households.
KeyBank’s CDLI group arranged a $27.2 million construction loan, a $21.3 million private-placement permanent loan, and low-income housing tax credit equity of $18.7 million. The project also received local support and engagement through the Oregon state housing tax credit and Section 8 project-based rental assistance.
Grace Peck Terrace consists of 95 one-bedroom units for individuals 62 and older or disabled persons earning no more than 60% of the area median income. The project will include a resident coordinator who will provide tenants with supportive services, including health and wellness check-ins and housing stability support, which will entail financial education, conflict resolution, social capital development, needs assessments, and surveys to determine resident requirements.
Through community partnerships, residents will also have access to on- and off-site services, such as emergency food assistance, nutrition and health education, home care services, case management, health services, nursing programs, and social isolation reduction services.
Kortney Brown and Brett Sheehan of KeyBank CDLI structured the financing.