KeyBank Community Development Lending and Investment (CDLI) recently provided $117.7 million of financing to Brinshore Development and Mile High Development, leading developers of affordable multifamily communities, for the construction of two properties in Colorado.
CDLI provided $56.9 million of financing to fund the new construction of Ralston Gardens Apartments, a 102-unit family project in Arvada, which will serve low-income families at 30%, 50%, 60%, and 70% of the Area Median Income (AMI). The building will contain 66 one-bedroom, 32 two-bedroom, and four three-bedroom units. Construction financing is being arranged by KeyBank with a $26.7 construction loan and a $14 million permanent loan through the Fannie Mae MTEB Program. KeyBank is also providing $16.2 million of total tax credit equity.
Ralston Garden Apartments, which is centrally located to transit hubs, shopping, parks, and local schools, received additional support and engagement from the Colorado Department of Local Affairs (CDOH), which provided a $4.3 million Housing Development Grant (HDG) loan. CDLI also provided $60.7 million of financing for the new construction of Northfield Flats, a 129-unit project in Denver that will consist of 42 one-bedroom, 83 two-bedroom, and four three-bedroom units.
All units will be available for families earning no more than 30%, 50%, 60%, 70% and 80% of the AMI. Construction financing is being arranged by KeyBank with a $28.2 construction loan and a $14.8 million permanent loan through the Fannie Mae MTEB Program. KeyBank is also providing $17.7 million of total tax credit equity. The project received local support with a $3.1 million Housing Trust Fund (HTF) loan from the Colorado Department of Local Affairs (CDOH) and a $4.5 million loan from Denver’s
Department of Housing Stability (HOST).
Northfield Flats is conveniently located within the Northfield retail complex in Central Park, Denver’s premier mixed-use master-planned community. The property is located directly adjacent to the Shops at Northfield, a retail, entertainment, and dining center.
“KeyBank is invested in the expansion of its community impact, and we continue to provide more capital to low-income communities throughout the country,” said Victoria O’Brien, head of equity originations at KeyBank CDLI. “As we further grow our platform in the western region and collaborate with sponsors, we’re able to offer better affordable housing options to the individuals and families we serve.”
Brinshore Development, based in Chicago, is a national developer with a focus on development throughout the United States and has a current portfolio of 9,000 residential units valued at more than $1.3 billion in 100 communities. The second sponsor, Mile High Affordable Housing, is focused on affordable housing opportunities in Colorado and has successfully developed eight affordable housing projects with more than 700 units.
Kortney Brown, Stephen Sparks and Robbie Lynn of KeyBank Community Lending and Investment structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting.
