KeyBank Provides $45M in Construction Financing For Washington Affordable Housing
Camas Flats in Oak Harbor, Washington will feature 81 units and an on-site community center
By Brian Pascus July 31, 2024 9:09 am
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Shelter Resources, an affordable housing developer in Washington state, has secured $45 million in construction financing to build Camas Flats, a garden-style affordable housing project in Oak Harbor, Wash., Commercial Observer has learned.
Keybank (KEY)’s Community Development Lending and Investment (CDLI) division provided a $19.3 million construction loan and $17.9 million in federal low income housing tax credit equity. KeyBank’s Commercial Mortgage Group also secured $8.2 million in financing from Fannie Mae (FNMA).
KeyBank’s Kortney Brown and Caleb Stephens arranged the financing, while Brad Tucker of KeyBank Commercial Mortgage Group put the Freddie Mac financing in place.
“With the support from Shelter Resources and Opportunity Council, Camas Flats will help to address the substantial need for affordable housing in Washington,” said Brown in a statement. “At KeyBank we are dedicated to investing in the expansion of our community impact, and we will continue to provide more capital to low-income communities throughout the country.”
Located in Oak Harbor – a small city located on the Whidbey Island peninsula north of Seattle – the complex will feature 81 units among 10 buildings, ranging from one-bedroom to three-bedroom units. Eight units are reserved as Permanent Supportive Housing for the homeless, while two units are for Veterans. The property will include a playground and on-site community center.
Shelter resources will be working with nonprofit Opportunity Council to operate the apartment complex.
Construction is anticipated to begin sometime in 2024.
KeyBank and Shelter Resources did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
