KeyBank Community Development Lending & Investment has provided a $34.1 million loan to Gorman & Co. for the acquisition and redevelopment of The Colburn Apartments, an affordable housing complex in Denver.

The financing package includes $10.8 million LIHTC equity investment, $15 million KeyBank construction loan and an $8.3 million Freddie Mac tax exempt loan. Kelly Frank of KeyBank's CDLI team arranged the financing.

Originally a hotel, the Colburn Apartments has 91 studio units, plus one manager's unit.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Denver
Multifamily
Capital Markets