KeyBank Secures $56M for MD Community

By Beata Lorincz

Verde at Greenbelt Station

KeyBank Real Estate Capital has provided a $56.3 million permanent mortgage loan to a joint venture between The Dolben Co. and Atapco Properties. The 10-year, fixed-rate loan was executed through Freddie Mac’s Lease-Up Program and refinanced the construction debt which funded the development of Verde at Greenbelt Station in Greenbelt, Md.

“Having the ability to immediately lock rate and then fund prior to stabilization was an ideal financing option for us,” said Deane Dolben, president of The Dolben Co., in prepared remarks.

Best-In-Class Property

Verde at Greenbelt Station is a 302-unit apartment community, located less than a mile from the Greenbelt Metro Station, providing easy access to Washington, D.C. The 5.7-acre lot includes courtyards, a dog run area, bocce court and swimming pool. The project achieved LEED Gold certification, featuring energy-efficient strategies, like solar array, tankless hot water heaters and efficient heat pumps.

 “The Dolben Co. continues to develop Best-In-Class properties throughout the Northeast and Mid-Atlantic regions and we continue to be a proud partner providing balance sheet and permanent loan executions tailored to meet their needs,” said Dirk Falardeau, senior vice president in KeyBank’s Commercial Mortgage Group, in a prepared statement.

The refinancing loan was initiated by Dirk Falardeau, under the direction of regional manager, Todd Goulet.

Image courtesy of KeyBank