Dealmaker: KeyBank Lends $195M on Multifamily Assets

KeyBank Real Estate Capital, Cleveland, provided $142.4 million to Harmony Housing, Douglassville, Ga., for a six-property affordable housing portfolio.

Harmony Housing is a 501(c)(3) nonprofit affordable rental housing organization.

Key provided $115.7 million through a Fannie Mae credit facility for 260-unit Limestone Canyon and 218-unit Parkside Crossing, both in Austin, Texas; 384-unit Sendero Ridge in San Antonio, Texas; 75-unit Arcade Apartments in Racine, Wis. and Pasco Woods, a 200-unit Wesley Chapel, Fla. community. All five properties reserve at least 50 percent of units for tenants making less than 60 percent of area median income.

Key also provided an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments in Ann Arbor, Mich. The property’s 144 units are intended for families earning between 50 percent and 60 percent of area median income.

In Aurora, Colo., Key provided an $11.9 million first mortgage to Harmony Housing for several recent property acquisitions. John Gilmore IV, Vice President with Key’s Community Development Lending, and Jeff Rodman of Key’s Commercial Mortgage Group arranged the financing.

Elsewhere in Aurora, KeyBank provided a $52.5 million Fannie Mae first mortgage on Conifer Creek Apartments. The 480-unit property dates to 1986 and has received several renovations since.

KeyBank Senior Vice President Chris Black and Vice President Caleb Marten arranged the acquisition financing. The Fannie Mae Green Rewards loan was structured with a 10-year term, five-year interest-only period and 30-year amortization schedule.