Multifamily Lending

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 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.