KeyBank Provides $49.7M in Financing for Affordable Housing Development in Westminster

Eaton Street Apartments, a 5-story, 118-unit affordable housing development in Westminster, CO.

WESTMINSTER — KeyBank’s Community Development Lending & Investment (CDLI) team has provided a total of $49.7 million in financing to a joint venture among Koelbel and Company, Mile High Development and Longs Peak Advisors, to support the new construction of Eaton Street Apartments, a 5-story, 118-unit affordable housing development in Westminster. Eaton Street Apartments will help revitalize the neighborhood and provide critical, quality affordable housing for low-income families.

Specifically, KeyBank provided a $24.8 million construction loan, a $14.1 million LIHTC equity investment and a $10.8 million Fannie Mae permanent loan. Jefferson County Housing Authority is a Special Limited Partner.

“KeyBank is dedicated to creating safe and decent affordable housing to the communities we serve across the country,” said Rob Likes, national manager of KeyBank’s CDLI team. “The ability to leverage our fully integrated platform to secure on- and off-balance sheet financing allows us to provide the best solutions for our clients’ individual needs.”

Eaton Street Apartments is a key component in the “Downtown Westminster” redevelopment plan and will be a mixed-use building with over 22,000 net rentable square feet of ground-floor retail space. Ninety-nine units will be reserved for households earning 60 percent or less AMI and eight units will be reserved for households earning 50 percent or less AMI. The remaining 11 units will target households earning 30 percent or less AMI and be supported by project-based Section 8 vouchers.

Construction of the property began in 2018 and is projected to be complete by the end of the year.

Beth Palmer and Sarah Geis of KeyBank’s CDLI team, along with Jeff Rodman of KeyBank’s Commercial Mortgage Group, arranged the financing. Additional funding was provided by the City of Westminster, Jefferson County and the Colorado Division of Housing’s Colorado Housing Investment Fund (CHIF). Private Activity Bonds were issued by the Colorado Housing and Finance Authority. Ron Lehr and Sam Adams of KeyBank Capital Markets provided underwriting and remarketing services for the bond issuance.

Rendering courtesy of OZ Architecture

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