Month: July 2024

CLEVELAND, July 22, 2024 /3BL/ – KeyBank Community Development Lending and Investment (CDLI) provided $16.6 million in low income housing tax credit equity (state and federal), a $21.3 million construction loan and $6.3 million taxable equity bridge for the construction of Silos Apartments, a new affordable housing high rise building in Salt Lake City, Utah.

Silos is also a 180-unit tax exempt bond project with 4% Low Income Housing Tax Credit (LIHTC) integrated into the master planned 8.5-acre Silos development at Salt Lake City’s entrance from highway I-15.

KeyBank’s Commercial Mortgage Group originated a $20.5 million privately placed forward committed rate locked permanent loan. KeyBanc Capital Markets also secured and sold $21.3 million in Utah Housing Corporation Multifamily Housing Revenue Bonds for the transaction.

The sponsor for the project, Blaser Ventures (fka BCG Affordable Residential Communities), is an affordable housing developer based in Salt Lake City.

Silos Apartments will provide 180 apartments consisting of 60 studio units, 100 one-bedroom units and 20 two bedroom units for individuals and families earning no more than 60% of the area median income (AMI). The development will also include a separate garage financed by the Catalyst Opportunity Fund. This project is the first phase in a larger master mixed use development.

Silos development is in the Granary District, one of the oldest mixed -use neighborhood with shopping and recreational amenities within walking distance.

“In addition to becoming one of the city’s most vibrant neighborhoods, the Granary District will also help to address the substantial need for affordable housing in Utah,” said Robert Likes, president of KeyBank Community Development Lending and Investment (CDLI). “KeyBank is invested in the expansion of its community impact, and we continue to provide more capital to low-income communities throughout the country.”

Kortney Brown and Jeremiah Drake of KeyBank CDLI structured the financing for the transaction. Hector Zuniga of KeyBank Commercial Mortgage Group facilitated the permanent loan placement and Sam Adams of KeyBanc Capital Markets underwrote the tax-exempt bonds.

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 KeyBanc Capital Markets

KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. Our deep industry expertise, broad capabilities and unique ideas are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, and Technology verticals. With over 800 professionals across a national platform, KeyBanc Capital Markets has more than $50 billion of capital committed to clients and an award-winning Equity Research team that provides coverage on nearly 500 publicly traded companies. Securities products and services are offered by KeyBanc Capital Markets Inc., member FINRA/SIPC, and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services, are offered by KeyBank N.A.

About KeyCorp

KeyCorp’s roots trace back nearly 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 $187 billion at June 30, 2024. 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 1,000 branches and approximately 1,300 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 is Member FDIC.

International Olympic Committee news

The Olympic and Paralympic Games Paris 2024 have established new, and elevated existing, international standards in economic, social and environmental sustainability, which look set to transform the future of global sporting events.

In collaboration with the International Olympic Committee (IOC) and international bodies, such as the International Organisation for Standardisation (ISO), and the Organisation for Economic Co-operation and Development (OECD), Paris 2024 has taken the initiative to update, introduce and implement the following standards:

Updating the ISO 20121 Event Sustainability Management Systems Standard

Based on its own certification obtained in October 2022, Paris 2024 has spearheaded the enhancement of the ISO 20121 standard, pioneered by London 2012. The revised ISO 20121:2024 standard, approved in February 2024, now encompasses a wider scope to address topics such as impact and legacy, human rights, climate action and accessibility. The standard aims to help organisations integrate sustainability throughout the entire event management cycle. Paris 2024 has collaborated with ISO to help them align with Paris 2024’s actions to reduce its carbon footprint while maximising social and economic benefits. Adhering to the ISO 20121 standard is a requirement for all Organising Committees of the Olympic Games.

OECD Guides on Impact Assessment

Building on the 2018 Recommendation on Global Events and Local Development, in July 2023, the Organisation for Economic Co-operation and Development (OECD) published guides to help event organisers monitor and evaluate the social, economic and environmental impacts of their events. Paris 2024 is the first to benefit from these guidelines. Since 2021, the Paris 2024 Organising Committee has collaborated with the IOC and OECD to create key performance indicators (KPIs) for assessing the long-term impact of the Games. The IOC now requires future Games hosts to use these OECD guidelines, ensuring consistent and reliable assessment of each edition’s legacy.

Promoting Active Citizens in Active Cities

One of Paris 2024’s key legacies is getting more people across France to move more, and make sport more widely accessible. The Paris 2024 Terre de Jeux programme has inspired over 50,000 sports-related projects since 2019. To ensure long-lasting impact, the IOC, with support from TOP Partner Deloitte launched an initiative to assist Terre de Jeux cities in applying for the Ville Active et Sportive label – a label awarded by the Conseil National des Villes Actives et Sportives (CNVAS), which recognises French cities with an innovative sports policy that offers a wide range of physical activities to the population. As of 2024, a total of 860 municipalities have been awarded the label, including 726 Terre de Jeux cities, such as Paris, Saint Denis, Saint Dizier, Ile Saint Denis and Albertville.

Championing Gender Equality On and Off the Field of Play: Terrain d’égalité Label

Along with the French Ministry for Gender Equality, Diversity and Equal Opportunities and the Ministry of Sports, Paris 2024 has contributed to the development and implementation of the Terrain d’égalité Label, which recognises international sports events based in France committed to mainstreaming gender equality and combatting discrimination. Awarded this label in January 2024, Paris 2024 is dedicated to setting the highest standards for gender equality in sport.

For the Olympic Games Paris 2024, the IOC has created equal opportunities for male and female athletes to participate on the world’s largest sporting stage. The quota places were distributed 50:50. This means the Olympic Games Paris 2024 are gender equal.

Improving the sustainability of the Olympic Games and ensuring they create lasting, measurable benefits for local populations even before the event are amongst the IOC’s top priorities. Paris 2024, as the first edition of the Games aligned with our strategic roadmap, Olympic Agenda 2020, is setting new standards for sports events in France and beyond, and providing a pragmatic toolbox for future sports events organisers.

Marie Sallois

Director of Sustainability, International Olympic Committee

Marie Barsacq, Director of Impact and Legacy, Paris 2024: “Our vision for Paris 2024 was to deliver a more sustainable event and create a legacy that transforms communities, enhances social inclusion, and sets new standards for sustainable event management. Paris 2024 played a pivotal role in the review of ISO 20121, bringing forward practical insights from the deployment of our own Sustainable Management System. In addition, our collaboration with the OECD helped shape guidelines that will benefit future hosts by providing clear metrics for evaluating the impact of their events.”

Silvio Dulinsky, Deputy Secretary General, ISO: “ISO first developed ISO 20121 as a result of the London 2012 Olympics. Now, with the support of our partners – the IOC and Paris 2024 – we have updated it to include key climate, human rights and legacy considerations, in line with the vision of the Paris Olympics. This new edition raises the bar for sustainable events and will have a transformative and lasting impact on people and communities.’

Mathias Cormann, Secretary-General, OECD: “Major sporting events should leave behind more than just great memories. They can leave a strong social and environmental legacy. We are delighted that France and the IOC have embraced our 2018 Recommendation on Global Events and Local Development and guidance on how to do so, using the Games to create opportunities for those furthest from the labour market and pioneer low carbon construction methods.”

The first Olympic Games to implement the IOC’s strategic roadmap, Olympic Agenda 2020, Paris 2024 is adapting to the needs of its host and the challenges of our times by being more sustainable, equal and inclusive. Organisers aim to cut the carbon footprint of the Games by 50% compared to the average of London 2012 and Rio 2016, aligning with the Paris Agreement on Climate Change, while creating lasting social and economic benefits for the local population, which can be visible long before the Opening Ceremony.

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The International Olympic Committee is a not-for-profit, civil, non-governmental, international organisation made up of volunteers which is committed to building a better world through sport. It redistributes more than 90 per cent of its income to the wider sporting movement, which means that every day the equivalent of USD 4.2 million goes to help athletes and sports organisations at all levels around the world.

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