Multifamily Lending

The transaction includes an undisclosed amount, non-recourse, first mortgage loan secured by a 288-unit, garden-style apartment complex known as Chisholm Trace Apartments, located in Cleburne, Texas. Built in 2021, Chisholm Trace Apartments consists of 12 three-story apartment buildings and a one-story clubhouse/office, situated on a 13.16-acre site. 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 three-year interest-only period, amortizes on a 35-year schedule.

The transaction includes a $16.5 million ($100,425/unit) non-recourse, first mortgage loan secured by a 170-unit, garden-style student housing community known as Heritage Apartments, located in Spartanburg, South Carolina. Built in 2020, the property consists of seven one- to four-story buildings, situated on 14.16 acres of land. The proposed loan will be used for acquisition of the property. The loan is structured with a five-year term, and, subsequent to a five-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $112.38 million ($155,228/unit) non-recourse, first mortgage loan secured by a 724-unit, garden-style apartment complex known as Aspire Pinnacle Peak, located in Phoenix, Arizona. Built in 2009, the property consists of three-story residential buildings, situated on 29.48 acres of land. The proposed loan will be used to refinance the property. The loan is structured with a 10-year term and amortizes on a 35-year schedule.

The transaction includes a $86.1 million ($281,382.35/unit) non-recourse, first mortgage loan secured by a 306-unit, garden-style, and partially affordable apartment complex known as Willows at Ventura, located in Ventura, California. Built in 2024, the property consists of 13 two-, three-, and four-story apartment buildings, situated on 8.03 acres of land. The proposed loan will be used to refinance existing debt on the property. The loan is structured with a seven-year term, and, subsequent to a three-year interest-only period, amortizes on a 35-year schedule. This loan was closed under Freddie Mac’s new Lease-Up program.

The transaction includes a $21.47 million (116,696/unit) non-recourse, first mortgage loan secured by a 184-unit apartment complex known as Schooner Cove III, located in Ypsilanti, Michigan. Built in 1995 and renovated in 2018, the property consists of 13 three-story residential buildings, situated on 21.19 acres of land. The loan is structured with a 15-year term, and, subsequent to a 120-year interest-only period, amortizes on a 360-year schedule.

The transaction includes a $12.21 million ($249,265/unit) non-recourse, first mortgage loan secured by a 49-unit apartment complex known as Essex Street Apartments, located in Boston, Massachusetts. Built in 1900 and renovated in 1992, it received two known major renovations in 1986 and 2005. The property consists of one eight-story residential building, situated on 0.69 acres of land. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a 10-year interest-only period.

The transaction includes a $20.325 million ($94,097/unit) first mortgage loan secured by a 216-unit, garden-style apartment complex known as Residence at Deer Park, located in Deer Park, Texas. Built in 1973, Residence at Deer Park consists of 19 two-story apartment buildings and two one-story common area buildings, situated on a 9.99-acre site. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a five-year term, and subsequent to a two-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $24.7 million ($84,880/unit) non-recourse first mortgage loan secured by a 291-unit apartment complex known as Mallard Creek Apartments, located in Kingwood, Texas. Built in 1999, Mallard Creek Apartments consists of 32 two-story residential buildings and is situated on 13.28 acres of land. The property also consists of a total of 72 covered parking spaces and 369 surface parking spaces, providing a parking ratio of 1.52 spaces/unit. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a seven-year interest-only term.

The transaction involves two properties located in Stamford, Connecticut: Daycroft Apartments and Hamilton Gardens. Financing includes two non-recourse, first mortgage loans totaling $40,570,000 secured by the two garden-style apartment complexes with a combined 188 units on 10.05 acres of land. Daycroft was built in 1958, and consists of eight, four-story residential buildings. Hamilton Gardens was built in 1960, and consists of four, two-story residential buildings. The loans will be used for acquisition of the properties. The loans are 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 $17 million ($212,500/unit) non-recourse, first mortgage loan secured by an 80-unit, garden-style apartment complex known as Hamilton Gardens, located in Stamford, Connecticut. The property was built in 1960 and consists of four, two-story residential buildings on 4.49 acres of land. The proposed loan will be used for acquisition of the property. The loan is structured with a five-year term, and, subsequent to a three-year, interest-only period, amortizes on a 30-year schedule.

The transaction includes a $10.764 million ($64,071/unit) non-recourse, first mortgage loan secured by a 168-unit, garden-style apartment complex known as Boulder Ridge, located in Watford City, North Dakota. Built in 2011, the property consists of four three-story apartment buildings, situated on a 23.883-acre site. The proposed loan was used to refinance the existing debt on the property. The loan is structured with a 10-year term, and, subsequent to a five-year, interest-only period, amortizes on a 30-year schedule.

This loan was part of a three-pack of deals, all located in Williston and Watford City, North Dakota, that was brought to Key by the team at Bernard Financial Group.

The transaction includes a $57,750,000 ($175,532/unit) non-recourse, first mortgage loan secured by a 329-unit, garden-style apartment complex known as Vibe Apartments, in Kent, WA. The property was originally built in 1984, and the previous owner completed $1,241,585 ($3,774/unit) in capital improvements since 2019. The improvements consist of 34, 3-story buildings, situated on 16.33 acres. The property will be rent- and income-restricted under the LURA, which requires 100% of the units to be restricted to 80% AMI. The proposed loan will be used for acquisition of the property. The loan is structured with a seven-year term, and subsequent to a five-year interest-only period, amortizes on a 35-year schedule.