KeyBank Originates $31M for Affordable Seattle Properties

Both properties are located in the Atlantic neighborhood of Seattle and will provide a total of 126 affordable housing units.

23rd Avenue and Jackson Street

KeyBank Community Development Lending & Investment (CDLI) has provided $30.9 million in construction financing to Community House Mental Health Agency for two upcoming, tax credit affordable housing communities in Seattle. The assets will be known as Judkins Junction and Patricia K. Apartments.

Both properties will be located at the intersection of 23rd Avenue and Jackson Street, in the city’s Atlantic neighborhood. Downtown Seattle is less than 2 miles away, while Pratt Park, Dr. Blanche Lavizzo Park and Wisteria Park are all within walking distance.  

Judkins Junction, which received a $13.6 million loan, will comprise 74 units. The City of Seattle and King County provided additional funding, while the National Development Council (NDC) is the tax credit investor. Additionally, KeyBank will provide $5.6 million in Private Placement permanent financing.

Patricia K. Apartments will include 52 apartments for individuals with mental illnesses. KeyBank originated an $11.7 million construction loan, while the City of Seattle, King County and the Washington State Housing Trust Fund provided additional funding.

Victoria Quinn, vice president & senior relationship manager at KeyBank’s CDLI group, arranged both loans. In June, CDLI originated $14.2 million in construction financing for the renovation of two affordable senior housing communities in Buffalo, N.Y.

Image via Google Maps

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