KeyBank Community Development Lending and Investment (CDLI) announced it is providing $51.7 million in construction and permanent financing for affordable housing developer Dominium to build Solstice of Mesa in Mesa, Ariz.

The 237-unit property will offer one-, two-, and three‐bedroom units in a single three‐story building. The apartment complex will be restricted to residents 55 years and older earning no more than 60% of the area median income.

KeyBank provided a $51.7 million construction to $32.7 million permanent loan using its private placement program. Alliant Capital purchased the 4% low-income housing tax and solar credits, generating $22.6 million of equity that will pay down the construction loan at conversion. The three-year construction loan will be used to purchase tax-exempt multifamily revenue bonds issued by the Arizona Industrial Development Authority.

Kelly Frank of KeyBank’s CDLI team arranged the financing.