The Heron apartments
High Leverage Bridge Loan
The Heron apartments is a brand new market rate property that the Low Income Housing Institute (LIHI) is in process of acquiring in Tacoma, WA. The property is currently an 82-unit luxury apartment building that LIHI will convert into affordable units as they are vacated. LIHI will be leasing with a target population of 30%/50% AMI and formerly homeless individuals. Thirty units will target low wage workers restricted at 50% AMI and 51 units will target homeless individuals restricted at 30% AMI. The Heron is located close to Port of Tacoma and downtown Tacoma. Units have luxury finishes with multiple indoor amenity spaces. LIHI employs case managers who will be located on-site to provide supportive services, including assistance with employment navigation, income support, public benefits, access to education, and referrals to healthcare and behavioral health. LIHI partners with many local service providers for additional services. KeyBank provided $20 million in financing needed to acquire the property.