April 7, 2020 Comments Off on KeyBank Secures $14M Financing for Everett Affordable Development Views: 596 Seattle & Pacific Northwest News, Seattle News

KeyBank Secures $14M Financing for Everett Affordable Development

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KeyBank Community Development Lending and Investment (CDLI) secured $13.7 million of construction financing on behalf of Compass Health to build an affordable housing property in Everett, WA. Broadway Permanent Supportive Housing will be a five story, 82-unit, permanent supportive housing facility that will provide services for mentally ill homeless people.

The project will be constructed next to the Compass Health campus. Plans include four floors of housing above a ground floor containing 3,000 square feet of commercial space with, offices for services, management and administration. All units, which will have kitchens and baths, will be 388-square-foot studios, except for one three-bedroom unit for the manager.

Residents will be people with chemical dependency, mental health or a co-occurring disorder, and the housing must be a component of a coordinated chemical dependency or mental health treatment plan.

Brett Sheehan of KeyBank’s Community Development Lending Group structured the financing. National Equity Fund provided tax credit equity.

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