KeyBank Provides $46 Million in Total Financing for Affordable Housing in Colorado
North Range Crossing will serve families earning 60% AMI or less
CLEVELAND, October 6, 2017 /3BL Media/ - KeyBank Community Development Lending & Investment (CDLI) has provided a total of $46 million in financing to Dominium for the new construction of North Range Crossing, a 216-unit affordable multifamily project in Commerce City, CO. KeyBank arranged for the affordable housing and development company a $32.8 million construction loan and a $13.1 million equity bridge loan using tax-exempt bonds issued by the Colorado Housing and Finance Authority (CHFA) and an allocation of 4% LIHTC credits.
“KeyBank is dedicated to making safe and decent affordable housing available in communities across the country,” said Rob Likes, national manager of KeyBank’s CDLI team. “We are working alongside Dominium to bring much-needed housing options to hardworking families in Commerce City.”
The project features eight three-story walk-up buildings with 24 one-bedroom, 96 two-bedroom and 96 three-bedroom garden-style units reserved for families earning 60% AMI or less.
“Dominium is focused on an innovative approach to affordable housing development and management,” said Ron Mehl, Vice President and Project Partner for Dominium Development & Acquisitions. “We look forward to positively impacting Commerce City by building new affordable housing.”
North Range Crossing will feature a clubhouse for residents, a pool, playgrounds, business and fitness centers, a yoga room and a fire pit.
“The CDLI lending platform is powerful, in large part, because of its flexibility,” said Kelly Frank of KeyBank’s CDLI team, who arranged the financing. “We are empowered to make affordable housing available in Commerce City by offering organizations like Dominium the right financial solutions.”
Dominium was founded in 1972 and is a privately held company headquartered in Plymouth, Minnesota. The Company is one of the nation’s largest affordable housing development and management companies. Dominium has grown its property portfolio to over 200 properties and over 25,000 units. They are the second largest owner and sixth largest developer as listed on the 2016 Affordable Housing Finance Top 50 rankings, respectively.
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 eight consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
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 $135.8 billion at June 30, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 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