KeyBank Provides $30.9 Million in Total Financing for Two Affordable Housing Projects in Seattle

Sep 5, 2018 10:00 AM ET
Press Release

CLEVELAND, September 5, 2018 /3BL Media/— KeyBank Community Development Lending & Investment (CDLI) has provided $30.9 million in total financing to Community House Mental Health Agency for two tax credit affordable housing properties located at the corner of 23rd and Jackson streets in Seattle, WA.

A $13.6 million construction loan will be used for the construction of Judkins Junction. Upon completion, the building will be comprised of 74 units. Additional funding was provided by the City of Seattle and King County. The tax credit investor is the National Development Council (NDC). KeyBank will also provide a Private Placement permanent loan in the amount of $5.6 million.

An $11.7 million construction loan will be used for the development of Patricia K. Apartments. The building will contain 52 units of permanent supportive housing for individuals with mental illnesses. Additional funding was provided by the City of Seattle, King County and the Washington State Housing Trust Fund. The tax credit investor is the NDC.

Victoria Quinn of Key’s CDLI group arranged the financing for both properties.

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. CDLI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is Low Income Housing Tax Credit (LIHTC) projects. 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 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 $137.8 billion at June 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 approximately 1,200 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 216-471-2883, laura.mimura@key.com

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