CLEVELAND, OH / ACCESS Newswire / January 23, 2026 / KeyBank Community Development Lending and Investment (CDLI) provided a $27.3 million construction loan on behalf of the Housing Authority of Salt Lake City (HASLC) to finance the rehabilitation and new construction of Permanent Supportive Housing and a subsidized apartment community in Salt Lake City. KeyBank's Commercial Mortgage Group (CMG) also arranged permanent financing with a $16 million Freddie Mac 9% LIHTC forward commitment. The rehabilitation and new construction will consist of 218 units:
Sunrise Metro - Renovation of existing 100-unit, 4-story structure with the addition of 18 new units to the 2nd floor
Atkinson Stacks - New construction of 100-unit, 6-story structure
Units are restricted at 25%-35% of area median income (AMI) across six studios and 212 one-bedrooms. The new building will include commercial space on the bottom floor to be occupied by Sacred Circle, a supportive services and case management provider. Sacred Circle will provide substance abuse counseling, employment, financial support and other services as needed. They will also operate a clinic and pharmacy.
Unit amenities include kitchen range, refrigerator, laminate countertops, and vinyl floors. Property amenities currently in Sunrise Metro include a courtyard, garden, dog run, case management offices, supportive service spaces, and a food pantry. With the expansion and renovation, the HASLC is adding a gym, programmed outdoor spaces, a pharmacy, and a medical clinic to be staffed by Sacred Circle Healthcare, projected to have 12 full-time employees at the site.
"We sincerely thank KeyBank for supporting this transformative project," Daniel Nackerman, Executive Director, Housing Authority of Salt Lake City noted. "The new and renovated housing will offer safe, affordable homes along with essential services that uplift residents. By promoting community and stability, we are making notable progress toward improving lives and strengthening neighborhoods in Salt Lake City."
The federal and state LIHTC credits will be purchased/syndicated by The Richman Group. Rachel Grudzien of KeyBank CDLI and Hector Zuñiga of KeyBank CMG structured the financing.
About KeyBank Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank's platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 11 consecutive "Outstanding" ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act's passage in 1977.
About KeyCorp
KeyCorp's roots trace back 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $184 billion at December 31, 2025.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 950 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.
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SOURCE: KeyBank
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/banking-and-financial-services/keybank-arranges-43.4-million-for-permanent-supportive-housing-in-sa-1130275
