KeyBank Secures $43.2M in Financing for Workforce Housing Development Near Spokane
AIRWAY HEIGHTS, WASH. — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment has provided $43.2 million in financing for the development of Salish Flats Apartments, a workforce housing community located in Airway Heights. The borrower is TWG Development.
Key’s Community Development Lending and Investment Group provided a $21.2 million KeyBank construction loan, and Key’s Commercial Mortgage Group originated a $22 million forward commitment through Freddie Mac’s Targeted Affordable Group.
The 216-unit Salish Flats Apartments is part of the master development plan of the Northern Quest Resort & Casino, owned and operated by the Kalispel Tribe of Indians. Upon completion, the market-rate property will operate with a self-imposed income restriction, requiring 20 percent of the units be set aside for households earning less than 80 percent of the area median income.