Financing has been secured for the acquisition and rehabilitation of a 112-unit affordable housing community in Layton, Utah.

Skyline View includes eight garden-style buildings consisting of two-bedroom units. Situated on 5.2 acres, families have access to laundry facilities, playgrounds, a community garden, and a storage area as well as an on-site property manager.
Skyline View includes eight garden-style buildings consisting of two-bedroom units. Situated on 5.2 acres, families have access to laundry facilities, playgrounds, a community garden, and a storage area as well as an on-site property manager.

KeyBank Community Development Lending and Investment (CDLI) announced that it is providing an $8.6 million equity bridge loan and $13.1 million in 4% low-income housing tax credit equity for the deal. In addition, KeyBank Real Estate Capital has secured a $24.2 million Freddie Mac tax-exempt loan.

Skyline View Apartments is a three-property community serving low-income families earning no more than 50% and 60% of the area median income and is subsidized by a Section 8 Housing Assistance Payment contract.

Its preservation as affordable housing is the latest project by sponsor Hampstead Development Partners.

The three properties, originally built in 1974, 1975, and 1978, will receive renovations, including modernization of kitchens and bathrooms, accessibility upgrades to select units, and full exterior upgrades. Skyline View is located within a residential neighborhood with major shopping, schools, and recreational amenities nearby.

“The preservation of the Skyline View Apartments will help to address the substantial need for affordable housing in Utah,” said Robert Likes, president of KeyBank CDLI.

Nathan Dickinson, Jonathan Wittkopf, and Hector Zuniga of KeyBank CDLI structured the financing.