The Cooperative 1581

Overview

Deal Type Agency Lending
Size $17.98 Million
Freddie Mac (Fixed-Rate Loan)

Summary

The transaction includes a $17.98 million ($124,861/unit) non-recourse, first mortgage loan secured by a to-be-built, 144-unit, Low-Income Housing Tax Credit (LIHTC), garden-style apartment complex known as The Cooperative 1581, located in Moab, Utah. The project will consist of three three-story walk-up buildings and will be 100% income- and rent-restricted, targeting households earning between 40% and 80% of the Area Median Income (AMI), with a blended average of 60% AMI. Expected construction completion is scheduled for April 2027. The Subject will be situated on a 5.64-acre site. The proposed loan will be used for construction of the property. The loan is structured with a 15-year term and amortizes on a 40-year schedule.

Banking products and services are offered by KeyBank National Association. All credit products are subject to collateral and/or credit approval, terms, conditions, and availability and subject to change.

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