Partially Affordable Anchorage Project Receives $7M Loan

Elizabeth Place Apartments in Anchorage will serve those earning between 50 and 60 percent of the area’s median income, as well as homeless and disabled residents.
Rendering of Elizabeth Place Apartments
Rendering of Elizabeth Place Apartments

Cook Inlet Housing Authority has received $6.9 million in combined construction-to-permanent loan financing from KeyBank Community Development Lending & Investment for the development of Elizabeth Place Apartments in Anchorage, Alaska. The 50-unit project also got $5.8 million in LIHTC equity. 

Located at Seventh Avenue & K Street, the community will be less than a mile from downtown Anchorage. Elizabeth Place Apartments is set to include 38 affordable units for residents earning between 50 and 60 percent of the area’s median income, as well as 12 market-rate units. Four apartments will be set aside for homeless individuals, 15 will be fully equipped for residents with sensory and mobility impairments and 10 units will serve otherwise differently abled people. Elizabeth Place Apartments will feature 2,680 square feet of ground-floor commercial space.

The owner of the upcoming property has partnered with several entities for this project: University of Alaska, the YWCA, the Red Cross, Providence Alaska, Ninestar, Credit Union 1, Alaska Injury Prevention Center, Junior Achievement and the Catholic Social Services. 

KeyBank’s team arranging the financing included Victoria Quinn and Beth Palmer Wirtz. Quinn also recently worked on originating $30.9 million in construction financing for two affordable Seattle communities.

Image courtesy of KeyBank