Indian Reservation Community in WA Lands $43M Financing
- Aug 01, 2018
KeyBank’s Community Development Lending and Investment Group (KCDLI), along with KeyBank Real Estate Capital (KBREC) have provided TWG Development with $43.2 million in financing for Salish Flats Apartments in Airway Heights, Wash. The community will be part of the Northern Quest Resort & Casino, owned and operated by the Kalispel Tribe of Indians.
Led by Kelly Frank, KCDLI originated a $21.2 million KeyBank construction loan, while Jeff Rodman of Key’s Commercial Mortgage Group provided a $22 million forward commitment through Freddie Mac’s Targeted Affordable Group.
“KeyBank values helping clients and communities thrive by providing quality affordable housing across the country,” Frank told Multi-Housing News. “Through our integrated platform, we were able to work with TWG Development to structure a financing solution that meets an immediate need for workforce housing that will support the Kalispel Tribe’s Northern Quest Resort & Casino, its employees and the surrounding community of Airway Heights.”
First Freddie Mac on Tribal Land
Salish Flats Apartments will comprise 216 units on a 10.4-acre parcel. The market-rate community will operate with a self-imposed income restriction, as 20 percent of units will be reserved to tenants earning 80 percent or less of the area median income (AMI). The property will feature one, two and three-bedroom apartments.
The Tribe, with a 5,000-acre reservation in Spokane, Wash., is federally recognized, being one of the top private employers in the region. The site is located roughly 8 miles west of Spokane, providing easy access to Route 2 and Interstate 90. Sponake International Airport is a seven-minute drive away.
“Our partnership with Freddie Mac represents the agency’s first workforce housing project on a Native American Tribal Land,” Rodman told Multi-Housing News. “KeyBank is excited to be part of this historic relationship as the Kalispel Tribe continues having a positive impact in Airway Heights.”
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