A 237-unit affordable housing development took a step closer to being built in Salt Lake City.
KeyBank Community Development Lending and Investment (CDLI) announced that it is providing a $31.3 million private-placement construction and permanent loan to developer Wasatch Residential Group.
The Quade Apartments will be a five-story building with apartment homes and a parking structure in the center. All units—a mix of studio, one-, two-, and three-bedroom floor plans—will be restricted at 60% of the area median income under the low-income housing tax credit (LIHTC) program.
Amenities will include a clubhouse, a swimming pool, a hot tub, a fitness center, and an outdoor courtyard with a picnic area.
In addition to KeyBank’s loan, the project will be financed with LIHTC equity provided by Goldman Sachs. The Utah Housing Corp. issued the tax credits and private-activity bonds.Sarah Geis and Tim Gerstmann of KeyBank’s CDLI team structured the financing.