KeyBank Provides $67M Acquisition Financing for Grace Peck Terrace Apartments in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — KeyBank Community Development Lending and Investment (CDLI) has provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, an affordable seniors housing property in Portland.

Grace Peck Terrace features 95 one-bedroom units for residents age 62 and older or disabled persons earning no more than 60 percent of the area median income (AMI).

The borrower, Home Forward, is a developer, owner and operator of more than 9,500 affordable units in Portland and its surrounding counties.

KeyBank’s CDLI group arranged a $27.2 million construction loan, a $21.3 million private placement permanent loan and Low-Income Housing Tax Credit (LIHTC) equity of $18.7 million. The project received local support and engagement through the Oregon State Affordable Housing Tax Credits and Section 8 Project-Based Rental Assistance (PBRA).

Kortney Brown and Brett Sheehan of KeyBank CDLI structured the financing.

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