Dealmaker: KeyBank Originates $55M for Retail, Multifamily

KeyBank Real Estate Capital, Cleveland, originated $54.6 million in commercial mortgage-backed securities and agency financing for retail and multifamily assets.

In Henrietta, N.Y. KeyBank Real Estate Capital secured $17.2 million for Henrietta Plaza. Built in multiple phases during 1969, 1971, 1988 and 2012, the retail property includes four single-story buildings totaling more than 250,000 square feet. Home décor retailer At Home anchors Henrietta Plaza with junior anchor tenants Staples and Big Lots.

KeyBank Commercial Mortgage Group Senior Commercial Mortgage Banker William Cassidy arranged the non-recourse fixed-rate financing with a 10-year term and 30-year amortization schedule. The loan refinanced existing debt.

KeyBank also originated $37.4 million in first mortgage loans for two multifamily properties in North Carolina and Alabama.

A $21.1 million Freddie Mac fixed-rate refinance loan was secured by Hawthorne at New Centre, a 301-unit property in Wilmington, N.C. The property was built on 15 acres in 1998 and renovated in 2014. The 10-year loan with a five-year interest-only period included a 30-year amortization schedule.

A $16.3 million Fannie Mae fixed-rate loan was secured by Hawthorne at Wisteria, a 200-unit Hoover, Ala. apartment community. The 1978-vintage property underwent interior and exterior improvements in 2015. The 10-year loan with a four-year interest-only period was used to acquire the property.

Key Commercial Mortgage Group Vice President and Senior Relationship Manager Tim DeWispelaere arranged the financing for both properties.