KeyBank’s Community Development Lending and Investment (CDLI) team is providing $11.8 million in financing for the construction of Meriwether Place Apartments, an affordable housing development, in Vancouver, Wash.
The financing includes a $5.8 million construction loan and $6 million in low-income housing tax credit (LIHTC) equity, according to bank officials.
Meriwether Place, which is being developed by Vancouver-based Columbia Non-Profit Housing, will feature 30 studio units, with 23 set aside for individuals who have experienced permanent homelessness or households that are at high risk for homelessness. Fifteen units will be restricted for tenants earning at or below 30% of the area median income (AMI), with the other 15 units being designated for tenants earning at or below 50% of the AMI.
Individual units will include a fully equipped kitchen consisting of a dishwasher, a microwave, a refrigerator, and a range. Other property amenities include a community room, leasing facilities, common laundry facilities, a pea patch area with raised planting beds, and an adjacent community patio area. Additionally, the property also will include 6,300 square feet of commercial space located on the ground floor, designed to provide mental health and other services to residents.
The project received permanent financing from the Washington Community Reinvestment Association.
Aubre Dickson and Beth Palmer of Key’s CDLI group arranged the financing.
CDLI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is LIHTC projects.
