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Keybank Provides $36M in Financing for Construction of Affordable Housing Project in Aurora

October 19, 2023

KeyBank recently provided $36.3 million for the new construction of Elevate at Aurora, a 137-unit multfamily project in Aurora by developer Columbia Ventures.

Elevate at Aurora will include low-income units for households at 30%, 40%, 50%, 60% and 70% of area median income (AMI) in a mix of studio, one-, two- and three-bedroom units. The project will also include construction of a new community service facility which will primarily serve as the Aurora location for CrossPurpose, a nonprofit provider of workforce development services and Living Hope Community Church, a bilingual church that provides before and after‐school programming. Elevate at Aurora’s unique collaborative approach will create opportunities for economic mobility for residents and the broader community. Affordable rents will decrease the economic strain of being rent‐burdened, while CrossPurpose will offer residents and the Aurora community growth pathways through leadership,
entrepreneurship and career development programs.

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Source: Mile High CRE

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