KeyBank Lends a Helping Hand in Washington
AVS Communities received more than $95 million in tax-exempt bond financing to create nearly 600 affordable housing units in the state.
By Veronica Grecu
Cleveland, Ohio—AVS Communities, a real estate development company active in the greater Seattle and Puget Sound region, recently received $95.2 million in tax-exempt bond financing from KeyBank’s Community Development Lending & Investing (CDLI) group to create more affordable housing in the area.
The California-based developer will use the financial help for the Villas at Auburn and the Reserve at Auburn, two multifamily projects that will bring on the market a combined 592 units of affordable housing for residents making 60 percent or less of the area median income. Both projects, which are part of a 19-acre parcel near the Auburn Transit Center, are scheduled for completion in 2018 and will be managed by Indigo Real Estate Services.
“The Reserve and Villas at Auburn apartments address the national affordable housing crisis by providing two vulnerable groups with crucial support,” said Rob Likes, national manager of Key’s CDLI team, in prepared remarks. “We’re proud to help finance the simultaneous construction of affordable housing for both seniors and families in Auburn, Wash.”
Located at the intersection of 14th Street Northwest and A Street Northeast, the Villas at Auburn calls for 295 units of fully affordable housing for families and street-level retail space. The CDLI team led by Victoria Quinn provided a $48.2 million construction loan for the project, while Al Beaumariage of Key’s Commercial Mortgage Group arranged a $40.9 million Freddie Mac Tax Exempt Loan.
The Reserve at Auburn is located at the corner of 10th Street Northwest and A Street Northeast and will include 297 units of affordable housing for seniors, as well as 587 parking spaces. The project received a $47 million construction loan from the CDLI team, and a $40.6 million Freddie Mac Tax Exempt Loan (TEL) component arranged by Key’s Commercial Mortgage Group.
The Washington State Housing Finance Commission issued tax-exempt bonds for both development projects.
Rendering via lifeatreserve.com