KeyBank Enables the Rehabilitation of Affordable Seniors Housing in Puyallup, WA

The financing allows for the preservation of more than 200 units of affordable housing serving seniors in the community
Dec 3, 2018 2:30 PM ET
Press Release

CLEVELAND, Ohio, December 3, 2018 /3BL Media/—KeyBank provided and arranged both construction and permanent financing to support the Senior Housing Assistant Group (SHAG) with the acquisition and rehabilitation of Sunset Garden Apartments, an affordable seniors housing property serving those aged 62 or older in Puyallup, WA. The 276-unit community is reserved for seniors making between 50 – 60% area median income (AMI), given its Section 42 designation under the Low-Income Housing Tax Credit (LIHTC) program.

KeyBank’s Community Development Lending & Investment (CDLI) team provided a $28.5 million construction loan and KeyBank’s Commercial Mortgage Group arranged the permanent takeout loan, a $24 million fixed-rate, Fannie Mae loan with a 24-month forward commitment. The mortgage loan includes a 15-year term with a two-year interest only period and 35-year amortization.

The Washington State Housing Finance Commission issued the tax-exempt bonds, with KeyBank’s public finance group serving as bond underwriter.

Victoria Quinn of KeyBank’s CDLI team and Fred Dockweiler of KeyBank’s Commercial Mortgage Group partnered to coordinate the financing.

About Key Community Development Lending/Investment

KeyBank Community Development Lending and Investment (CDLI) helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit lending and investing, Key is one of a handful of affordable housing lenders in the country with a platform that brings together balance sheet, equity, and permanent loan offerings. For its ability to lend to, invest in, and serve its communities – especially low-to-moderate income communities – KeyBank has earned nine consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.

About KeyBank Real Estate Capital

KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located across the country, provide a broad range of financing solutions on both a corporate and project basis. The group provides interim and construction finance, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing, seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.

About KeyCorp

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $138.8 billion at September 30, 2018. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

Media Contact: Laura Mimura, laura.mimura@key.com 216.471.2883

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