KeyBank Provides $70M Development Financing for 241 Affordable Seniors Housing Units in Lacey, Washington

by Amy Works

LACEY, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $70 million in combined construction and permanent loan financing to AVS Communities.

The funds are for development of The Reserve at Lacey, a 241-unit affordable housing property in Lacey, about 60 miles southwest of Seattle. Apartments will serve seniors age 55 or older who earn 60 percent or less of the area median income (AMI).

KeyBank paired a $40 million construction loan with a $30 million private placement forward commitment permanent loan. Victoria Quinn of KeyBank’s CDLI team organized the financing.

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