KeyBank Provides $50.4M Development Financing for Affordable Housing in Boulder

by Amy Works

BOULDER, COLO. — KeyBank has arranged $50.4 million in total combined financing for a tax-exempt bond transaction to support Koelbel & Co.’s construction of Diagonal Crossing. Located in Boulder, Diagonal Crossing will feature 105 garden-style apartments for families earning at or below 60 percent of area median income.

KeyBank’s Community Development Lending & Investment (CDLI) team provided a $24.7 million construction loan and $10.4 million in Low-Income Housing Tax Credit equity. Additionally, KeyBank Real Estate Capital arranged a $15.3 million permanent loan through a forward commitment for Fannie Mae to issue a mortgage-backed security.

Diagonal Crossing will be developed on two parcesl: Lot 3 and Lot 6. Lot 3 will feature 85 affordable housing units in two three-story buildings and one two-story building, while Lot 6 will feature 20 affordable housing units across four buildings.

Sarah Geis and Beth Palmer Wirtz of KeyBank’s CDLI team collaborated with Jeff Rodman of KeyBank’s Commercial Mortgage Group on the financing for the project.

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