KeyBank Provides $65M Financing Package for Salt Lake City Affordable Housing
Blaser Ventures will build the 180 units at Silos Apartments, first phase of a larger development
By Brian Pascus July 12, 2024 1:35 pm
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Blaser Ventures" class="company-link">Blaser Ventures has secured $64.7 million in construction financing to build Silos Apartments, a 180-unit affordable housing development in Salt Lake City, Utah, Commercial Observer has learned.
The Utah-based firm’s new development will include a separate parking garage financed by the Catalyst Opportunity Fund
KeyBank/" title="Keybank" class="company-link">Keybank (KEY) juggled several balls in the air as it provided different means of financing the project.
KeyBank’s Community Development Lending and Investment (CDLI) arm provided $16.6 million in state and federal Low-Income Housing Tax Credit equity, a $21.3 million construction loan, and $6.3 million in taxable bridge equity.
Hector Zuniga of KeyBank’s Commercial Mortgage Group originated a $20.5 million permanent loan, while KeyBanc Capital Markets’ Sam Adams sold $21.3 million in tax-exempt bonds generated by revenue from the Utah Housing Corporation Multifamily Housing to fulfill the deal.
All told, Kortney Brown and Jeremiah Drake of KeyBank CDLI arranged the financing.
Robert Likes, president of KeyBank CDLI, said in a statement that Silos Apartments will address an affordable housing shortfall in the city while also adding new residents to Salt Lake City’s Granary District, a shopping and dining hub.
“KeyBank is invested in the expansion of its community impact, and we continue to provide more capital to low-income communities throughout the country,” said Likes.
Located at 751 South 500 West, Silos Apartments will include 60 studio units, 100 one-bedroom units and 20 two-bedroom units for residents earning no more than 60 percent of the area median income.
Built just west of Interstate 15 and sitting on 8.5 acres, Silos Apartments is the first phase of a multipart project to bring a new affordable housing neighborhood into existence across 9 acres in the Granary District.
The Salt Lake Tribune reported last year that the original vision for the overall Silos development will include two new apartment buildings, conversions of two existing warehouses into retail and commercial space, as well as off-site parking and Silo Park, a sizable green space for residents and the public.
Last June, the Salt Lake City Planning Commission approved plans for 286 apartments plus space for retail and commercial, according to Building Salt Lake.
Brian Pascus can be reached at bpascus@commercialobserver.com
