KeyBank Provides $12.5 Million to Build Affordable Community in Utah

by Jeff Shaw

MIDVALE, Utah — KeyBank has provided a $12.5 loan for Founders Pointe Apartments, a 97-unit affordable seniors housing community being developed in the Salt Lake City submarket of Midvale.

A total of 19 units will have market-rate rents, with the remaining 78 units targeting seniors earning 50 percent or less of the area’s median income. In addition, five units will be designated for homeless or near-homeless seniors, 10 units will be accessible and designated for the physically handicapped, and eight units will be designated for veterans.

Irena Edwards and Jennifer Seamons of KeyBank’s’s Community Development Lending arranged the financing, which included a construction loan, a permanent loan and a tax credit equity loan.

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