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Dealmaker: KeyBank Real Estate Capital Provides $95M for Retail, Multifamily, Hotel Assets
KeyBank Real Estate Capital, Cleveland, provided $95.1 million for retail, multifamily and hotel assets in four states.
In Pembroke Pines, Fla., KBREC originated $34 million to refinance 140,200-square-foot shopping center Flamingo Pines Plaza. The 1987-vintage asset includes six single-story buildings, currently 97 percent occupied.
Sponsor JBL Asset Management acquired the property in December 2017. Meridian Capital, New York, arranged the loan.
KBREC also provided the $48 million Freddie Mac loan that allowed Bluerock Real Estate, New York, to acquire Providence Trail Apartments, a 334-unit multifamily community near Nashville, Tenn. Located at 2500 Aventura Drive in Mount Juliet, Tenn., the community dates to 2008 and received a $1.6 million renovation in 2016.
In June KBREC originated a $13.1 million commercial mortgage-backed securities loan secured by two limited-service extended-stay hotels, the 124-room WoodSpring Suites Virginia Beach in Virginia Beach, Va., and the 122-room WoodSpring Suites White Marsh in Nottingham, Md.
The sponsor developed the Virginia Beach property in 2015 and the White Marsh property in 2016. The five-year non-recourse first mortgage will amortize on a 30-year schedule.
Also in Maryland, KBREC provided a $26.6 million bridge loan to refinance 320,250-square-foot retail center Pasadena Crossroads in Baltimore suburb Pasadena, Md. The 1973-vintage center, which received a renovation this year, is presently anchored by Hobby Lobby, LA Fitness and Sprouts Farmers Market. KBREC Vice President Jacob Proctor arranged the non-recourse financing.