Axiom Lands $98M Portfolio Refi
KeyBank Real Estate Capital secured the Freddie Mac loans.
Axiom Properties has obtained $98 million in refinancing for three Wisconsin communities: the 404-unit The Meadows in Madison; the 272-unit Springtree Apartments in Middleton; and the 271-unit Mission Hills Apartments in Franklin.
KeyBank Real Estate Capital arranged the fixed-rate, Freddie Mac loans which refinance existing debt. KBREC Vice President Samantha Miller and Senior Vice President Tom Reynolds structured the financing.
Axiom acquired the three properties out of foreclosure in 2007, Yardi Matrix information shows. The $46.5 million portfolio transaction also included the purchase of River Place Apartments, a 250-unit community in Milwaukee.
An almost 950-unit portfolio
The 1978-completed The Meadows comprises 32 two- and three-story buildings with one-, two-, three- and four-bedroom floorplans. Amenities include a fitness center, a community room, two swimming pools, laundry facilities, business center and a playground.
For this community, the owner took out a 10-year, $39.6 million loan with five years of interest only and a 35-year schedule. The almost 25-acre property is at 401 N. Thompson Drive, some 7 miles from downtown Madison.
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Springtree Apartments came online in two phases in 1972, on almost 6 acres. The property comprises one-, two- and three-bedroom floorplans across six two-story buildings. A fitness center, business center, community room and swimming pool are some of its common-area amenities.
Axiom Properties obtained a $29.4 million first mortgage note for the property at 2615 Amherst Road. After a two-year interest only period, the loan amortizes on a 35-year schedule.
Completed in 1972, Mission Hills Apartments includes a fitness center, two swimming pools, laundry facilities, a business center and more than 360 parking spaces. The unit mix features one- and two-bedroom layouts.
The owner landed a 7-year term, $29 million loan for this community. Mission Hills is at 7755 S. Scepter Drive, less than 15 miles from downtown Milwaukee.
