Our Transactions

The transaction includes an $8.2 million ($133/SF) non-recourse, first mortgage loan secured by a 79,163 square foot (61,881 NRA), 697-unit self-storage facility known as Mini U Storage Santa Fe, located in Santa Fe, NM. Built in 2009 and renovated in 2016, the subject is currently improved with three single-story self-storage buildings and one, 2-story building containing a leasing office and storage units, situated on a 2.83-acre site. The proposed loan will be used to refinance existing debt. The loan is structured with a 10-year interest only term.

The transaction includes a 1,068-bed (313-unit) garden-style, off-campus student housing community in Southern Florida. Built in 2001 and renovated in 2022, the property consists of 24, 3-story apartment buildings. The proposed loan will be used to refinance existing debt on the property. 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 improvements are situated on a 41.2-acre site.

The transaction includes a $15,623,000 ($195,288/unit) non-recourse, first mortgage loan secured by 80-unit, garden style apartment complex known as The Valley Apartments located in Dublin, CA. Built in 1970, the property consists of four 2-story apartment buildings. The improvements are situated on a 2.92-acre site. 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 $16,664,000 ($177,277/bed) non-recourse, first mortgage loan secured by a 94-bed skilled nursing facility known as Complete Care at Park Place located in South Brunswick Township, NJ. Built in 1996, the Subject is licensed for 94 beds/ 49 units and has been operating at its full capacity. The property consists of one-story building, totaling 46,940 gross-sf and spread across a 5.68 acre of land. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a 35-year term and amortizes on a 35-year schedule.

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.

On March 1, 2024, Healthpeak Properties, Inc. (NYSE: PEAK) (Healthpeak) announced that it closed its previously announced merger (the Transaction) with Physicians Realty Trust (NYSE: DOC) (Physicians Realty Trust). The all-stock merger of equals is valued at approximately $21 billion. At close, each Physicians Realty Trust common share was converted into 0.674 of a newly issued Healthpeak common share. The combined company operates under the name “Healthpeak Properties, Inc.” and began trading under the ticker symbol “DOC” at the open of trading on The New York Stock Exchange on March 4, 2024.

The combined company is the leading real estate platform dedicated to healthcare discovery and delivery with a 52-million-square-foot portfolio, including 40 million square feet of outpatient medical properties concentrated in high-growth markets such as Dallas, Houston, Nashville, Phoenix, and Denver. The Transaction is expected to generate merger-related synergies of $40 million during 2024 with potential for $20 million or more of additional synergies by year-end 2025. In connection with the completion of the merger, the Healthpeak Board of Directors expanded to 13 directors with the addition of five new directors that previously served on the board of trustees of Physicians Realty Trust.

Physicians Realty Trust is a self-managed health care real estate company organized to acquire, selectively develop, own, and manage health care properties leased to physicians, hospitals, and health care delivery systems. As of December 31, 2023, DOC’s consolidated portfolio consisted of 278 health care properties in 32 states with approximately 15.6 million net leasable square feet, which were approximately 94% leased with a weighted average remaining lease term of approximately 5.1 years.

Disclosure

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

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.

Eight-year fixed-rate financing secured by a four-property multifamily portfolio in Arizona, Utah, and Colorado. Debt was used to refinance the existing insurance company loan that KeyBank previously arranged in 2016.

Seven-year fixed-rate financing secured by a newly developed 252-unit multifamily property in Dunellen, New Jersey. Debt was used to refinance a maturing construction loan.