Commercial Mortgage Production

KeyBank has provided a $50.6 million Freddie Mac loan to Pepper Pike Capital for the acquisition financing of two apartment projects in Michigan – Oak Park Manor Apartments and Stephenson House Apartments. The five-year loan, inclusive of extension options, is interest only for the full term and will give the sponsor the time and resources to execute on their business plan. The sponsor plans to implement extensive renovations to the interior and exterior of the properties shorty after acquisition. The improvements will modernize the assets and improve the overall experience at the properties. Pepper Pike Capital has a long track record of acquiring and improving apartment projects.

Oak Park Manor Apartments is located in Oak Park, MI, within a one-mile radius from the city’s central business district (CBD) and 16 miles from downtown Detroit. The 298-unit property offers a wide range of apartment mixes featuring one, two, and three bedrooms with up to two bathrooms.

Centrally located in Madison Heights, MI, Stephenson House Apartments is two miles from the city’s CBD and 18 miles from downtown Detroit. The building houses 128 units with a majority of one- and two-bedroom apartments.

MHPC Portfolio is comprised of 23 manufactured housing communities located across the states of North Carolina, Georgia, Tennessee and South Carolina. The properties were built in various years between 1950 and 1999 and total 1,966 pads. The proposed loan will be used for the refinance of existing debt at the property.

Cheshire Station is a Safeway grocery-anchored neighborhood center located in Dale City, VA. Built in 2002, the property is comprised of five buildings situated on a 19.04-acre of land. The property is currently 97.6% occupied by 16 unique tenants including grocery anchor Safeway and junior anchor Petco. The proposed loan will be used for the acquisition of the property.

Dollar Self Storage #21 - Arizona is a 132,203 square foot, 906-unit, self-storage facility located in Goodyear, AZ. The property consists of six, one and two-story buildings and a one-story building containing a leasing office, situated on a 5.61- acre of land. The unit mix breaks out to 265 traditional units, 567 climate-controlled units. The proposed loan will be used to refinance the existing property debt.

Dollar Self Storage #5 - Mesa is a 98,755 square foot, 859-unit, self-storage facility located in Mesa, AZ. The property consists of ten one-story buildings and leasing office situated on a 4.97- acre of land. The unit mix breaks out to 403 traditional units and 456 climate-controlled units. The proposed loan will be used to refinance the existing debt at the property.

Rego Park II is a 7,248 square foot, Class B, unanchored neighborhood retail center located in Queens, NY. Built in 1940, the property is comprised of six one-story buildings, situated on a 1.42- acre of land. The property is occupied by 26 unique tenants and is 92.9% occupied. The tenant base includes national tenants Starbucks, Mattress Firm, Dunkin' Donuts, Subway, with the major tenant being Duane Reade (a wholly-owned subsidiary of Walgreens Boots Alliance). The proposed loan will be used to refinance existing debt at the property.

Plaza Palmera is a 134,950 square foot, Class B, free standing retail center located in San Diego, CA. Built in 2015, the property is comprised of six one-story buildings with 40 tenant spaces situated on a 9.03- acre of land. The tenant mix consists of national, regional and local with anchor tenants H&M and Mode. The proposed loan will be used for the acquisition of the property.

SunTech Commerce Park is a 224,359 square foot industrial & flex property located in Lake Mary, FL. The property was constructed in two phases: Phase I in 1987, comprised of four buildings, and Phase II in 1998, comprised of two buildings. The proposed loan will be used for the acquisition of the property.

Sioux Falls Fleet Farm is a 189,905 square foot, Class C, free standing retail center located in Sioux Falls, SD. Built in 2019, the property is comprised of two one-story buildings situated on a 23.88- acre of land. The property is 100% leased and occupied by Mills Fleet Farm. The proposed loan will be used for the acquisition of the property.

SummitWoods Crossing is a 545,204 square foot, Class A, lifestyle center located in Lee's Summit, MO. Built in 2001, the property is comprised of seven one- story buildings situated on a 58.75- acre of land. The proposed loan will be used to refinance existing debt at the property.

Grata at Totem Lake will be the new construction of 125 units within one, five-story building over parking located at 12410 NE Totem Lake Way in Kirkland, King County, Washington. The property will provide 25 studios, 65 one bedroom units, 10 two-bedroom, 20 three-bedroom and 5 four-bedroom units for families earning up to 50% AMI and 60% AMI in the Seattle-Bellevue-Kent, WA MSA.

The transaction includes a $21,000,000 ($135/unit) non-recourse, first mortgage loan secured by a 159,196 square foot, self-storage facility, known as Alton Self Storage, located in Irvine, CA, which is part of the greater Anaheim-Santa Ana-Irvine metro, located within the Irvine Business Complex. Built in 1992 and renovated in 2016, the property comprises of one, three-story building spread on 2.70 acres of land. The first floor of the Subject consists of 344 traditional units (21.5%) while the second and third floor contain 1,220 climate-controlled units (78.5%). The sponsor will be using the proceeds to refinance the existing debt. The loan is structured with a 10-year full interest only term.