KeyBank’s Community Development Lending & Investment (CDLI) team has provided a $15.5 million bridge to HUD loan for the Royal Hills Apartments, a 284-unit multifamily property located in Renton, WA. Of the 284 units, 281 are designated affordable housing for individuals and families making at or below 45% AMI; however, 57 of these units are specifically set aside for individuals and families with disabilities making at or below 50% AMI.
Cape Town is a city of contrast. Around every neighborhood corner is a history lesson in the European, African, Indian, and Malaysian influences that give meaning to South Africa’s epithet of ‘rainbow nation.’ Even the city’s landscape can feel like a convergence of worlds, from the windswept Cape Flats to the dramatic peaks of Table Mountain, to the rocky coastline where the Atlantic and Indian Oceans meet. This rich diversity in history, wildlife, culture, landscape, and industry gives rise to Cape Town’s characterization as the ‘world in one city.’ But nowhere does this ring so true as when a 10 minutes’ drive from the palm-lined streets of the city’s posh urban center finds you on a shanty-lined street in one of the city’s sprawling townships.