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TODAY’S DEALS: KeyBank Closes $86M in Fannie and Freddie Loans for Seven West Coast Properties, and Other Transactions
Published: October 06, 2008
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By Anuradha Kher, Online News Editor
Seatlle, Lynwood and Renton Wash., Freso, Rocklin and Isla Vista, Calif.--KeyBank Real Estate Capital recently closed $86 million for seven multifamily properties in California and Washington, funded by Fannie Mae and Freddie Mac.
The largest loan was a $23.4 million Fannie Mae floating rate credit facility for The Kennedy Building (pictured), a 125-unit mid-rise apartment complex in Seattle. United Dominion Realty LP is the borrower.
KeyBank Real Estate Capital also closed loans for two other properties outside Seattle: Newberry Square Apartments and Chianti Apartments. A division of Sundquist Homes received $11.8 million from Fannie Mae through its DUS program and used the proceeds to retire construction debt on Newberry Square Apartments, a 123-unit Class A multifamily project that is part of the Newberry Square mixed-use development in Lynnwood, Wash. In Renton, Wash., Vista Highlands LLC used $8.6 million in Freddie Mac program plus funds to retire its construction debt on Chianti Apartments, a 74-unit garden apartment building.
Four other borrowers were able to use Fannie Mae funding provided by KeyBank Real Estate Capital for multifamily properties in California. In Fresno, Calif., Palm Lake Apartments, a 300-unit multifamily property, used $19.2 million in immediate funding to pay off tax-exempt bonds for interior and exterior upgrades. UDR Texas Properties LLC borrowed $16.5 million from an existing floating rate credit facility with unused capacity to refinance Vista Del Rey Apartments, a 116-unit garden-style apartment complex in Orange County. Rocklin Ranch Apartments, a 356-unit Class A multifamily property in Rocklin, Calif., used a $3.6 million DUS supplemental loan to return capital to itself and increase leverage; Rocklin Ranch Partners LP is the borrower.
KeyBank Real Estate Capital provided a $2.9 million Fannie Mae fixed-rate loan to 833 Embarcadero Del Mar LLC, which used the proceeds to refinance an existing loan for Embarcadero Del Mar Apartments, a 33-unit student housing property in Isla Vista, Calif.
Gebroe-Hammer Associates Completes Sale of Two Properties for $25M
Long Branch and Red Bank, N.J.--Multifamily housing has gained momentum as one of the most in-demand classes of commercial real estate investments in Monmouth County, according to Gebroe-Hammer Associates. The firm recently negotiated two separate transactions, involving the sale of 138 units for a total of more than $25 million, in Long Branch and Red Bank, N.J.
The properties include Lloyd Manor, a 70-unit garden apartment complex in Long Branch and Colony House, a 68-unit high-rise apartment community in Red Bank.
“The appeal of year-round Jersey shore living, within a short commute to New York City and New Jersey’s leading employers, contributes toward strong occupancy rates for the area that surpass 97 percent,” says Joseph Brecher, Gebroe-Hammer’s senior vice president. “As a result, multifamily housing investment interest and activity throughout Monmouth County is at an all-time high.”
Lloyd Manor is a two-story, 15-building complex featuring a total of 40 two- and 30 three-bedroom units.
Colony House is comprised of a mix of six studio, 22 one-, 35 two- and two three-bedroom units as well as three penthouses. The seven-floor building features a brick façade and spacious layouts.
120-Unit Senior Housing Community Sold for Over $6M
Sacramento, Calif.--Hendricks & Partners has arranged the sale of the Broadway Seniors Center, located at 5200 Broadway in Sacramento, Calif., for $6,850,000.
The senior housing community features 120 units.
