Keller to Get $719M Refi for Western Portfolio
A Nomura lending entity will provide the loan.
Keller Investment Properties will refinance a 13-property portfolio through a $718.5 million CMBS loan, according to a Fitch Ratings report. The assets are in Utah, Nevada and Arizona.
NWL Co., a Nomura lending entity, will provide a two-year, floating-rate, interest-only loan. The expected closing date is August 13. The deal provides three one-year extension options, allowing maturity to extend to August 2031. Approximately $696.3 million will refinance existing debt, while $22.2 million will cover closing costs and reserves.
Midland Loan Services, a division of PNC Bank, will be the master servicer, while Argentic Services Co. will act as the special servicer. Computershare Trust Co. will be the trustee and certificate administrator. BellOak LLC will serve as the operating advisor.
Las Vegas and Salt Lake City lead the portfolio
The collateral includes 12 multifamily communities and one student housing asset, totaling 3,321 units. The properties were completed between 1987 and 2022, with a weighted-average construction year of 2004.
The collection spans 3.1 million square feet and is spread across six metropolitan areas: six assets are in Utah (1,527 units, 50.8 percent), four in Nevada (1,190 units, 32.2 percent) and three properties in Arizona (604 units, 17 percent). Las Vegas (32.2 percent), Salt Lake City (23.9 percent) and Ogden, Utah (16.7 percent) account for the largest metro concentrations.
The portfolio saw a steady decline in occupancy, from 91.8 percent in 2023 down to 87.3 percent in 2025. As of June 2026, however, the rate bounced back to 93.6 percent. The collection’s weighted-average rent was $1,632 per unit.
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The largest properties in the portfolio are:
- Firenze Apartments at 5880 Boulder Falls St., Henderson, Nev., totals 462 units and has a $88.6 million allocated loan balance.
- Quail Cove at 2090 N. Hillfield Road, Layton, Utah, features 420 units and has a $81.8 million allocated loan balance.
- The Park at City Center at 213 W. Civic Center Drive in Sandy, Utah, encompasses 330 units and has a $79.4 million allocated loan balance.
- Wolverine Crossing at 1270 W. 1130 S., Orem, Utah, includes 258 units and 1,239 student beds and has a $73.1 million allocated loan balance.
As the only student housing property, Wolverine Crossing serves Utah Valley University and had an approximately 88.9 percent bed occupancy as of June 2026.
The portfolio also includes the 223-unit North Union at E. North Union Ave., Midvale, Utah, which Keller Investment Properties acquired in 2022.
CMBS becomes a favorite
Despite numerous financial challenges and global disruptions, including the conflict with Iran, the debt market is still active. Although CMBS delinquency rates remain elevated in certain sectors, apartment properties continue to attract more lender and investor interest than most other types of commercial real estate. CMBS became once again an investor favorite due to its five-year products, which might appeal to borrowers who do not want to commit to a traditional 10-year loan.
Back in January, West Shore secured a $630 million CMBS refinancing loan for a 13-property multifamily portfolio in the Sun Belt. Citi Real Estate Funding Inc. provided the note, with the assets covering five states: Florida, Texas, Tennessee, South Carolina and Kentucky.
