Real Estate Capital

KeyBank financed a $62.2 million, five-year, full-term interest only, non-recourse Life Company debt fund loan for the refinance of Aspire Cape Coral apartment complex in Cape Coral, Florida.

Built in 2022, this 319-unit, Class A luxury rental community is within short driving distance of shopping centers, parks, healthcare, and education facilities. Aspire Cape Coral offers one-, two-, and three-bedroom apartment options, in addition to its outdoor-focused resort-style amenities that include a clubhouse, pool, fitness center, and pet conveniences. The concrete-built community offers peace of mind in an area still recovering from the impact of recent hurricanes.

The transaction includes a $36,500,000 ($60,833/bed) non-recourse, first mortgage loan secured by a 600-bed (180-unit), dedicated student housing property known as The Cottages on Port Republic, located in Harrisonburg, VA. It serves students attending the James Madison University, 1.7 miles from the property. Built in 2013 and renovated over the past 4 years, the property is comprised of 121, 2-story residential buildings, situated on 23.08-acres of land. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a 5-year term, and subsequent to a 3-year interest only period, amortizes on a 30-year schedule.

The transaction includes a $38,220,000 ($49,000/Bed) non-recourse, first mortgage loan secured by a 780-bed (300-unit), garden-style student housing community known as The Hudson, located in Statesboro, GA. It serves students attending the Georgia Southern University. Built in 2012, the property is comprised of 12, three-story apartment buildings, a clubhouse, a fitness building, and a maintenance building, situated on 39.63-acres of land. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a 5-year term, and subsequent to a 2-year interest only period, amortizes on a 30-year schedule.

The transaction includes a $24,028,000 ($95,349/unit) non-recourse, first mortgage loan secured by a 252-unit, garden style apartment complex known as Legacy Fort Mill Apartments, located in Fort Mill, SC. Built in 2014, the property is comprised of nine three-story residential buildings and one clubhouse, situated on 15.0258-acres of land. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a 7-year interest only term.

The transaction includes a $33,094,000 ($110,313/unit) non-recourse, first mortgage loan secured by a 300-unit garden-style apartment complex, known as Pointe Grand Spartanburg,in Spartanburg, South Carolina. Built in 2022, the property comprises ten, three-story apartment buildings situated on 16.87 acres. The property consists of 536 open parking spaces. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a five-year term, and subsequent to a two-year interest-only period, amortizes on a 35-year schedule.

KeyBank Community Development Lending & Investment provided capital for the new construction of Fitzsimons Gateway Apartments, a 210-unit Low-Income Housing Tax Credit (LIHTC) affordable housing project at the heart of the Fitzsimons Medical Campus in Aurora, Colorado, and one of the fastest-growing medical campuses in the United States. All 210 units will serve families and individuals earning 30% – 70% area median income (AMI). We want to thank BMC Investments for its sponsorship and shared mission to build much-needed affordable housing in Colorado. The financing includes a construction loan and a Fannie Mae M.TEB forward commitment for permanent financing. KeyBanc Capital Markets and the Bond Underwriting team arranged the sale of private activity tax-exempt bonds issued by the Colorado Housing and Finance Authority. KeyBank Real Estate Capital appreciates the partnership with Mile High Development, Aurora Housing Authority, and the Colorado Housing Finance Authority.

The transaction includes a $36,892,000 ($122,973/unit) non-recourse, first mortgage loan secured by a 300-unit garden-style apartment complex, known as Pointe Grand Augusta, in Augusta, Georgia. Built in 2022, the property consists of nine, three-story apartment buildings, one single-story clubhouse, one single-story amenity building, and seven single-story detached garage buildings. The property is situated on a 21.95-acre site. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a five-year interest-only term.

KeyBank provided $42.9 million in capital for the Pointe Grand Dawsonville. The transaction includes a $42,923,000 ($143,077/unit) non-recourse, first mortgage loan secured by a 300-unit garden-style apartment complex known as Pointe Grand Dawsonville in Dawsonville, Georgia. Built between 2022 and 2023, the improvements consist of 12, three-story residential buildings, one leasing office building, one fitness center building, and one mail kiosk situated on 23.52 acres. The proposed loan will be used for the refinance the existing debt. The loan is structured with a five-year interest only term.