KeyBank Secures $73M Loan for KY Community
The Freddie Mac first mortgage loan features an adjustable rate and a four-year interest-only term. It was used to cover part of the community's acquisition cost.
By Roxana Baiceanu
Mallard Crossing, a 600-unit community in Louisville, Ky., has recently changed hands in an $86.3 million transaction. According to Yardi Matrix, the sale was subject to a $73.3 million Freddie Mac, first mortgage loan placed by KeyBank Real Estate Capital on behalf of the buyer, Lifestyle Communities. The loan, arranged by Tim Migchelbrink, features an adjustable rate and a four-year interest-only term.
Located at 400 Mallard Creek Road, the multifamily community is comprised of 51 two- and three-story garden-style buildings offering a mix of studio, one-, two- and three-bedroom layouts. Yardi Matrix data indicates that the average rent at Mallard Crossing was $1,100 in October.
Mallard Crossing was built in two phases between 1991 and 1995 on 36 acres of land and incorporates a variety of amenities such as:
- Fitness center
- Business center
- Tennis court
- Basketball court
- Swimming pool
- Partially covered parking
- Detached garages
- Media room
The community is in close proximity to the interchange between interstates 64 and 264, the Norton Medical Plaza and the Bowman Field Airport. Residents also enjoy the two parks in the nearby area, Brown Park and Arthur K. Draut Park.
Earlier this month, KeyBank arranged another loan for a LEED-certified, luxury community near Washington, D.C.
Image courtesy of KeyBank