News: Financial Digest
Posted: July 13, 2018
KeyBank Real Estate Capital originates $17.6 million
in financing for a three-property multifamily portfolio
New Haven, CT KeyBank Real Estate Capital has originated a total of $17.6 million in Fannie Mae financing for a three-property, multifamily portfolio.
A $6.5 million non-recourse, fixed-rate mortgage loan was secured by Rosehill Apartments. The 91-unit, garden-style apartment complex was built in 1985 and is located in Branford.
A $5.8 million non-recourse, fixed-rate mortgage loan was secured by Valley Court Apartments, a 61-unit, garden-style apartment complex also located in Branford.
Finally, a $5.3 million non-recourse, fixed-rate mortgage loan was secured by Morningside Commons, an 85-unit, garden-style apartment complex. Built in 1977, the property is located in Milford.
Tom Peloquin of Key’s Commercial Mortgage Group arranged the loans, which were used to refinance existing debt. The loans are structured with a 10-year term, 12-month interest only period and 30-year amortization schedule. Albert Clemente of KeyBank Real Estate Capital sourced the business and serves as relationship manager.
KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located across the country, provide a broad range of financing solutions on both a corporate and project basis. The group provides interim and construction finance, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing, seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.
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