KeyBank Provides $31.3M in Financing for Affordable Housing Project in Salt Lake City
SALT LAKE CITY — KeyBank Community Development Lending and Investment (CDLI) has provided a $31.3 million private placement construction and permanent loan to Wasatch Residential Group for the development of Quade Apartments, an affordable multifamily property in Salt Lake City.
The five-story Quade Apartments will feature 237 units in a mix of studio, one-, two- and three-bedroom floor plans, a parking structure, clubhouse, swimming pool, hot tub, fitness center and outdoor courtyard with picnic area. All apartments will be restricted to residents earning 60 percent of the area median income under the Low-Income Housing Tax Credit (LIHTC) program.
Additional financing will be provided by LIHTCs purchased by Goldman Sachs. The Utah Housing Corp. issued the tax credits and private activity bonds.
Sarah Geis and Tim Gerstmann of KeyBank’s CDLI team structured the financing.