KeyBank Community Development Lending and Investment (CDLI) has provided $46 million in financing to Dominium for the construction of a 216-unit affordable housing development in Commerce City, Colo.
North Range Crossings will feature eight three-story walk-up buildings with 24 one-, 96 two-, and 96 three-bedroom garden-style apartments reserved for families earning up to 60% of the area median income. The development will also include a clubhouse, a pool, playgrounds, business and fitness centers, a yoga room, and a fire pit.
KeyBank arranged a $32.8 million construction loan and a $13.1 million equity bridge loan using tax-exempt bonds issued by the Colorado Housing and Finance Authority and an allocation of 4% low-income housing tax credits.
“KeyBank is dedicated to making safe and decent affordable housing available in communities across the country,” said Rob Likes, national manager of KeyBank’s CDLI team. “We are working alongside Dominium to bring much-needed housing options to hardworking families in Commerce City.”
Dominium is one of the nation’s largest affordable housing development and management companies. The Minnesota-based firm has grown its property portfolio to over 200 properties and over 25,000 units. They are the second largest owner and sixth largest developer as listed on the 2016 Affordable Housing Finance Top 50 rankings, respectively.
