Multifamily Lending

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 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.

Secured by a portfolio of 19 multifamily garden-style properties known as Montium Credit Facility and diversified across Pennsylvania, New Jersey and Delaware. The properties were generally built in the 1960s with the oldest property built in 1947 and the newest one in 2008.

KeyBank provided a $51.5 million Fannie Mae loan for the refinancing of a 400-unit garden-style apartment complex in Ocala, Florida. The Wesley Apartments was built in 1988 and renovated in 2023. The property consists of 18 two- and three-story residential buildings situated on 22.49 acres. The Wesley features six different floor plans of one- and two-bedroom unit types, with units ranging in size from 595 to 1,356 square feet and averaging 873 square feet.

KeyBank provided a $49 million, fixed-rate, 5-year interest only Fannie Mae loan for the refinancing of a recently renovated 348-unit apartment complex, located in Winter Park, Florida.

Sapphire Winter Park Apartments is approximately 10.3 miles northeast of downtown Orlando. Conveniently located within easy reach of major state thoroughfares, and extensively renovated – interior and exterior - over the past five years, the apartment complex has a fresh face and offers units with three levels of finishes - standard, upgraded and renovated.

The standard units have refinished countertops, modern appliances, new flooring, and fixtures. The upgraded and the renovated units both have full-scale replacement of cabinets, countertops (Quartz), new stainless-steel appliances, new flooring, fixtures, and backsplash tiles. The renovated units also have an open concept kitchen.

Since 2018, the building exterior has also benefitted from new roofing, upgraded lighting and electricals, parking lot refinishing, new cooling systems, and updated amenities including the pool and landscaping.

The transaction includes a $14,709,000 ($114,914/unit) non-recourse, first mortgage loan secured by 128-unit garden-style apartments known as Richmond Place Apartments in Georgetown, South Carolina. Built in 2022, the property consists of five, three-story buildings situated on 26.54 acres. The proposed loan will be used for financing the acquisition of the property. The loan is structured with a seven-year term, and subsequent to a four-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $14,777,000 ($301,571/unit) non-recourse, first mortgage loan secured by a 49-unit garden-style conventional multifamily apartment complex known as Latte located in Escondido, CA. Built in 1973 and renovated in 2022/2023, the Property consists of 49 units encompassing four apartment buildings, one leasing office, and seven garages situated on 2.96-acre land. The proposed loan will be used for refinancing the existing debt. The loan is structured with a 10-year term, and subsequent to a 5-year interest only period, amortizes on a 30-year schedule.

The transaction includes a $24,915,000 ($119,784/unit) non-recourse, first mortgage loan secured by a 208-unit garden-style student housing apartment community known as Edge 1120 Apartments in Toledo, Ohio. Built in 2015, the Property consists of two, four-story and six, three-story apartment buildings, situated on 14.018 acres. Offering seven different floor plans of studio-, one-, two-, three- and four-bedroom unit types, the property's units vary in size from 357 square feet to 554 square feet, with an average of 453 square feet. The proposed loan will be used for refinancing the existing debt. The loan is structured with a five-year interest-only term.

The transaction includes a $15,485,000 ($107,535/unit) non-recourse, first mortgage loan secured by a 144-unit garden-style apartment complex known as Royal Point Apartment Homes located in Kingsland, Georgia. Built in 2000, the property consists of nine, three-story residential buildings and one, one-story leasing office/clubhouse situated on 11.08 acres. The proposed loan will be used for refinancing the existing debt. The loan is structured with a five-year term and amortizes on a 30-year schedule.

The transaction includes a $65,526,000 ($153,098/unit) non-recourse, first mortgage loan secured by a 428-unit garden-style apartment complex known as Morada West located in Phoenix, Arizona. Built in 1998 and renovated in 2018, the property consists of 54, two-story residential buildings situation on 20.94 acres. Offering four different floor plans of one-, two- and three-bedroom unit types, the property's units vary in size from 717 square feet to 1,258 square feet, with an average of 924 square feet. The proposed loan will be used for refinancing the existing debt. The loan is structured with a five-year interest-only term.

“The Lumen” located in Cleveland, OH. Built in 2020, the property consists of one, 34-story apartment building situated on 7.15 acres of land.

Steepleway Downs is a 224-unit, garden-style apartment complex that consists of 14 two-story buildings on 9.07 acres of land. The unit mix consists of one-bedroom and two-bedroom unit types. Amenities include a swimming pool, fitness center, picnic area and playground.