KeyBank Secures Financing for 2 Affordable Communities

The Oregon properties cater to residents earning no more than 60 percent of the area’s median income.
Sunnyslope Manor. Image courtesy of KeyBank

Northwest Housing Alternatives has obtained $16 million in financing to renovate two Oregon affordable communities. The 50-unit Sunnyslope Manor in Salem and the 20-unit College Manor in Monmouth cater to residents earning no more than 60 percent of the area’s median income.

KeyBank Community Development Lending and Investment (CDLI) provided the financing consisting of a $10 million construction loan and $6 million of 4 percent LIHTC equity from Key Community Development Corp. Other types of financing include a $3 million subordinated seller note, $5.4 million of Housing Preservation funds and a $4.5 million fixed-rate permanent loan from the Network for Oregon Affordable Housing.

Located at 1000 Cunningham Lane S., Sunnyslope Manor consists of two- to four-bedroom apartments ranging from 752 to 1,234 square feet. The 20-unit College Manor, situated at 265 S. College St., encompasses studio, one- and two-bedroom floorplans averaging 600 square feet. Of the 75 total units, 45 are restricted to households earning 50 percent of AMI, while 25 cater to those earning 60 percent of AMI. Additionally, 41 units have project-based vouchers.

Brett Sheehan of KeyBank’s Community Development Lending Group, together with Keven Ruf of KeyBank Real Estate Capital’s Income Property Group, structured the financing. Sheehan was also instrumental in the recent financing of a 224-unit affordable community underway in Gresham, Ore.