KeyBank Arranges $27M Financing for Affordable Housing Complex in Idaho
HAILEY, IDAHO — KeyBank Community Development Lending and Investment (CDLI), along with KeyBank Real Estate Capital (KBREC), has secured $27 million to refinance and renovate Balmoral Apartments.
The property is located in Hailey, a small city in central Idaho approximately 125 miles east of Boise. The financing included $10.1 million provided by CDLI, as well as $17.3 million from Freddie Mac arranged by KBREC’s commercial mortgage group.
Completed in 2002, the property is a 192-unit, affordable garden-style apartment complex on four acres.
Balmoral comprises 19 two- and three-story buildings offering five different floor plans with one-, two- and three-bedroom units. Site amenities include a clubhouse, fitness center, playground, picnic areas and access to an adjacent park with a soccer field and basketball courts. Dominium, which acquired the property in 2015, intends to moderately rehabilitate the property with a construction budget estimated at $52,000 per unit. The renovations will be conducted during a nine-month period while tenants are in place.
Balmoral operates under the Section 42 LIHTC Program with seven units reseved for residents making up to 30 percent of area median income (AMI), 11 units at 40 percent AMI and 174 units at 60 percent AMI.
Kelly Frank of Key’s CDLI team and Jeff Rodman with the bank’s commercial mortgage group arranged the financing.