KeyBank Finances $67 Million for Affordable Senior Housing Property in Oregon

KeyBank ranked No. 22 on the DiversityInc Top 50 Companies list in 2023.


KeyBank Community Development Lending and Investment (CDLI) has contributed $67 million toward acquiring and refurbishing the Grace Peck Terrace Apartments in Portland, OR, an affordable senior housing facility.

Home Forward is sponsoring the project. The organization is the developer, owner and operator of more than 9,500 affordable homes in Portland and its surrounding counties.

To facilitate this project, KeyBank’s CDLI group arranged three types of financing: a construction loan of $27.2 million, a private placement permanent loan of $21.3 million and Low-Income Housing Tax Credit (LIHTC) equity of $18.7 million.

Grace Peck Terrace consists of 95 one-bedroom units for individuals aged 62 and older or disabled persons earning no more than 60% of the area median income (AMI). The project will include a resident coordinator who will provide services such as health and wellness check-ins and housing stability support.

Community partnerships will also provide residents of Grace Peck Terrace access to on-site and off-site services such as emergency food assistance, nutrition and health education, home care services, case management, health services, nursing programs, health and wellness services and social isolation reduction services. These services aim to improve the residents’ quality of life and support them in their daily lives.


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