Skyline View Apartments

Overview

Deal Type Bridge
Low Income Housing Tax Credits
Size $46.6 Million
Equity Bridge Loan, LIHTC, Perm Financing

Summary

KeyBank Community Development Lending and Investment provided an $8.6 million equity bridge loan and $13.1 million in 4% federal Low-Income Housing Tax Credit (LIHTC) equity for the acquisition and rehabilitation of an affordable housing community in Layton, Utah. The project also received permanent financing from KeyBank Real Estate Capital (KBREC) which secured a $24.2 million Freddie Mac tax-exempt loan (TEL).

Skyline View Apartments is a three-property, 112-unit affordable housing community available to low-income families earning no more than 50% and 60% of the area median income (AMI) and is subsidized by a Section 8 Housing Assistant Payment (HAP) Contract.

Skyline View includes eight garden-style buildings entirely consisting of two-bedroom units. Situated on a total of 5.2 acres, families will have access to laundry facilities, playgrounds, a community garden, and a storage area as well as an on-site property manager. The three properties, originally built in 1974, 1975, and 1978, will receive renovations, which will include modernization of kitchens and bathrooms, full Americans with Disabilities Act (ADA) accessibility upgrades to select units, and full exterior upgrades (windows, paint, siding, roofs). Skyline View is located within a residential neighborhood with major shopping, schools, and recreational amenities nearby.

The project sponsor, Hampstead Development Partners, Inc., (HDP) is an experienced developer focused on the development, acquisition and rehabilitation, and operation of affordable properties. KeyBank has worked closely with HDP to close numerous deals, including a project in June 2023.

“The preservation of the Skyline View Apartments will help to address the substantial need for affordable housing in Utah,” said Robert Likes, president of KeyBank Community Development Lending and Investment (CDLI). “KeyBank is invested in the expansion of its community impact, and we continue to provide more capital to low-income communities throughout the country.”

Nathan Dickinson, Jonathan Wittkopf, and Hector Zuniga of KeyBank CDLI structured the financing.

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