KeyBank Closes $112M in Multifamily, Retail Deals
KeyBank Real Estate Capital, Cleveland, provided $43.2 million to Harmony Housing, Douglassville, Ga. for multifamily properties in Texas and Indiana.
Key provided $24.4 million through an existing Fannie Mae master credit facility for Villas at Costa Brava in San Antonio, Texas and Park View at Beech Grove in Indianapolis, Indiana. Vice President John Gilmore IV and Mortgage Banker Jeff Rodman arranged the financing for non-profit Harmony Housing.
“The creative structure of the Fannie Mae credit facility allows Harmony Housing to add properties to the facility, accounting for future acquisitions, and supports refinancing assets in its existing portfolio,” Gilmore said.
The bank also provided $18.8 million through FHA’s 223(f) mortgage insurance program for Brazos Village Apartments in Waco, Texas and Park Village Apartments in Conroe, Texas. The four affordable housing properties total 698 units.
Gilmore noted that Key has financed 20 of Harmony Housing’s last 23 transactions.
KeyBank also secured a $55.3 million Freddie Mac first mortgage loan for Highline Village Apartment Homes in Aurora, Colo. The 467-unit property was built in 1984. Vice President and Senior Mortgage Banker Tim DeWispelaere arranged the financing.
In Tampa, Fla., KeyBank secured $13.7 million for Trinity Village Shopping Center, a 71,000-square-foot retail property built in 2007. Vice President and Senior Relationship Manager Scott Bois arranged the 10-year commercial mortgage-backed securities loan, which included two years of interest-only payments and a 30-year amortization schedule.
