Midshore Manor
Overview
| Deal Type |
Bridge Freddie Mac Low Income Housing Tax Credits |
|---|---|
| Size |
$29 Million Rehab Affordable Housing |
| Client & Transactional Partners |
Hampstead Development Partners |
Summary
KeyBank Real Estate Capital (KeyBank) provided a $15.2 million Freddie Mac, fixed-rate, Tax-Exempt Loan for Hampstead Midshore Manor Partners (Hampstead) to acquire and rehabilitate an affordable housing apartment community in Midvale, Utah. In addition, Key Community Development Corporation will invest $7.99 million of low-income housing tax credit equity to support the development. KeyBank’s Community Development Lending and Investment group contributed a further $5.7 million in the form of an equity bridge loan.
Midshore Manor Apartments is an 88-unit affordable housing property in Midvale, conveniently located near I-15 south of Salt Lake City. Midshore offers 78 units to residents earning 50% or less of the area median income (AMI), nine units at 60% or less AMI.
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