KeyBank’s Community Development Lending and Investing (CDLI) group announced it has provided $95.2 million in tax-exempt bond financing to construct almost 600 affordable apartment homes in Auburn, Wash.
The Villas at Auburn will offer 295 units of affordable housing for families, and the Reserve at Auburn will offer 297 units of affordable housing for seniors. Both projects, which are being financed with 4% low-income housing tax credits, will serve residents making no more than 60% of the area median income.
“The Reserve and Villas at Auburn apartments address the national affordable housing crisis by providing two vulnerable groups with crucial support,” said Rob Likes, national manager of Key’s CDLI team. “We’re proud to help finance the simultaneous construction of affordable housing for both seniors and families in Auburn, Wash.”
“It is our goal to ensure every person in need has access to safe and affordable housing in their respective neighborhood,” added developer Craig Thomas, senior vice president of AVS Communities, in a statement. “We look forward to partnering with Key to bring meaningful change for families in and around Auburn.”
AVS and its affiliates have 1,742 units in various stages of development in the greater Seattle and Puget Sound region.
The CDLI group provided a $47 million construction loan for the Reserve at Auburn, with a $40.6 million Freddie Mac Tax Exempt Loan (TEL) component arranged by Key’s Commercial Mortgage Group. Its companion project, the Villas at Auburn, is financed by a $48.2 million construction loan from the CDLI team and a $40.9 million Freddie Mac TEL arranged by Key’s Commercial Mortgage Group. The tax-exempt bonds were issued by the Washington State Housing Finance Commission. Victoria Quinn of Key’s CDLI group and Al Beaumariage of Key’s Commercial Mortgage Group arranged the financing.�
