Housing Trust Group has obtained a $29.2 million financing package for the construction of Flagler Station, a 94-unit affordable housing project in West Palm Beach, Fla. KeyBank provided HTG with $20.3 million in construction financing through its Community Development Lending and Investment division and an $8.9 million Freddie Mac forward commitment loan through its Commercial Mortgage Group.
In addition to KeyBank’s originations, CREA will provide 9 percent low-income housing tax credit equity totaling $23.2 million.
Flagler Station will rise eight stories on a 1-acre parcel at 991 Banyan Blvd. Upon completion, the Corwil Architects-designed apartment building will have one-, two- and three-bedroom floorplans. All units will be restricted to households earning from 30 to 80 percent of the area’s median income. Amenities will include a two-story parking garage, fitness center and community room.
The development site is less than 1 mile from downtown West Palm Beach, half a mile from the city’s Amtrak station and the Brightline West Palm Beach station. There are various dining and shopping options nearby alongside Quadrille Boulevard.
Kyle Kolesar and Mimi Brennan of KeyBank’s CDLI team worked together with Robbie Lynn of the lender’s Commercial Mortgage Group in securing the financing. Kolesar was also part of the team which provided a $59.3 million loan for a 210-unit affordable housing project in Indianapolis in June.