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KeyBank Community Development Lending & Investment provides a $34 million loan for the acquisition and redevelopment of an affordable housing complex in Denver.
Elevation Community Land Trust and the City of Aurora are partnering to create permanent affordable housing over the next five years for 50 families in Aurora.
The Class A property, with 34,500 square feet of ground floor retail space, is expected to be ready for occupancy by the end of the first quarter of 2021.
The fund, structured as a REIT under a 506(c) designation, is an evergreen fund focusing on 75% value-add, and 25% cash-flowing commercial real estate investments in primarily Western growth markets, including but not limited to Colorado, Utah, Texas, Arizona, New Mexico and California.