{"id":1004160522,"date":"2016-11-30T07:15:40","date_gmt":"2016-11-30T15:15:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004160522"},"modified":"2022-12-08T01:29:13","modified_gmt":"2022-12-08T09:29:13","slug":"keybank-lends-a-helping-hand-in-washington","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/keybank-lends-a-helping-hand-in-washington\/","title":{"rendered":"KeyBank Lends a Helping Hand in Washington"},"content":{"rendered":"

By Veronica Grecu<\/em><\/p>\n

\"Villas<\/a>

Villas at Auburn<\/p><\/div>\n

Cleveland, Ohio<\/strong>\u2014AVS 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\u2019s Community Development Lending & Investing (CDLI) group to create more affordable housing in the area.<\/p>\n

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.<\/p>\n

\u201cThe Reserve and Villas at Auburn apartments address the national affordable housing crisis by providing two vulnerable groups with crucial support,\u201d said Rob Likes, national manager of Key\u2019s CDLI team, in prepared remarks. \u201cWe\u2019re proud to help finance the simultaneous construction of affordable housing for both seniors and families in Auburn, Wash.\u201d<\/p>\n

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\u2019s Commercial Mortgage Group arranged a $40.9 million Freddie Mac Tax Exempt Loan.<\/p>\n

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\u2019s Commercial Mortgage Group.<\/p>\n

The Washington State Housing Finance Commission issued tax-exempt bonds for both development projects.<\/p>\n

Rendering via lifeatreserve.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

AVS Communities received more than $95 million in tax-exempt bond financing to create nearly 600 affordable housing units in the state.<\/p>\n","protected":false},"author":258,"featured_media":1004160524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21742,1610,15],"tags":[32938,32937],"class_list":["post-1004160522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-latest","category-seattle","category-west","tag-freddie-mac","tag-keybank"],"acf":[],"yoast_head":"\nKeyBank Lends a Helping Hand in Washington - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/keybank-lends-a-helping-hand-in-washington\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KeyBank Lends a Helping Hand in Washington\" \/>\n<meta property=\"og:description\" content=\"AVS Communities received more than $95 million in tax-exempt bond financing to create nearly 600 affordable housing units in the state.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/keybank-lends-a-helping-hand-in-washington\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-11-30T15:15:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T09:29:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/villas40Auburn_1200x300_acf_cropped.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"543\" \/>\n\t<meta property=\"og:image:height\" content=\"299\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/keybank-lends-a-helping-hand-in-washington\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/keybank-lends-a-helping-hand-in-washington\/\",\"name\":\"KeyBank Lends a Helping Hand in Washington - 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With more than 10 years of experience in the real estate industry, she covers a variety of topics in residential and commercial real estate, including trends and industry news. Previously, she was involved in producing content for Multi-Housing News, Commercial Property Executive and Yardi Matrix. 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