KeyBank Real Estate Capital has arranged an $ 81 million construction and permanent financing loan for the development of South Range Crossing Apartments, an affordable housing property in Parker.

Al Beaumariage of KeyBank’s Commercial Mortgage Group and Kelly Frank of KeyBank’s Community Development Lending and Investment team worked on behalf of the borrower, Dominium, a Minnesota-based affordable housing developer and manager, to structure the financing .

The loan includes $ 50 million in construction financing and a $ 31 million Freddie Mac tax-exempt loan term commitment. Lending partner CREA LLC provided a 4% capital investment under the Low Income Housing Tax Credit, while Colorado Housing Finance Agency issued the bonds and allocated the credits.

The 204-unit garden-style affordable housing complex will include one, two and three bedroom apartments. Located on 11 acres of land between J. Morgan Boulevard and Ironstone Way, the property will consist of eight three-story residential buildings upon completion. It will also offer luxury amenities including a business center, swimming pool and spa, playground and fitness center. All units will be affordable for residents earning up to 60% of the region’s median income. Construction of the property is expected to be completed in 2021.

Featured in the September 16 to October 6, 2020 issue of CREJ

Jenna walters

Jenna Walters recently joined the Colorado Real Estate Journal as a reporter. Jenna covers retail news and Denver metro offices, as well as all types of properties in Boulder, Larimer and Weld counties. It also covers the financial market. Prior to joining CREJ, Jenna worked for other publications including the Northglenn-Thornton Sentinel and Denver Life Magazine. She is born…