The Villas at Arlington
|Deal Type||Freddie Mac|
|Our Role||Lead Arranger|
KeyBank provided and arranged both construction and permanent financing supporting AVS Communities’ plan to construct The Villas at Arlington, a 312-unit, mid-rise apartment complex with 17 three-story residential buildings. The property is subject to Section 42 of the Low-Income Housing Tax Credit (LIHTC) program and will make affordable housing options available to families earning less than 60% area median income (AMI) in Arlington, WA.
KeyBank’s Community Development Lending & Investment (CDLI) team provided a $65.3 million construction loan which will be taken out by a $51.5 million Freddie Mac TEL permanent loan provided by KeyBank’s Commercial Mortgage Group. The Freddie Mac fixed-rate permanent loan was a 24-month forward commitment; upon conversion, the permanent loan will have a 15-year term and 35-year amortization schedule.
The Washington State Housing Finance Commission provided the tax-exempt bonds for the project and Alliant Capital, Ltd. is the LIHTC investor.
Victoria Quinn of KeyBank’s CDLI team and Fred Dockweiler of KeyBank’s Commercial Mortgage Group partnered to coordinate the financing.