Passco Lands $31M Loan for MS Community
KeyBank originated a Fannie Mae first mortgage loan for the acquisition of The District Lofts in Jackson, Miss. The loan is fixed-rate with a 10-year term and a five-year interest-only period.
KeyBank has originated a $30.6 million Fannie Mae first mortgage loan for the acquisition of The District Lofts in Jackson, Miss. According to Yardi Matrix data, Passco Cos. purchased the asset from Arlington Properties.
Chris Black and Caleb Marten of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term, five-year interest-only period and 30-year amortization. The asset had a 92.7 percent occupancy rate at the time of the transaction.
Located at 120 District Blvd., The District Lofts is a 261-unit, Class A, six-story apartment community built in 2017. Situated on approximately three acres of land, the one-building asset comprises 132 one-bedroom, 113 two-bedroom and 16 three-bedroom units averaging 893 square feet. Common-area amenities include:
- controlled access
- fitness center
- business center
- rooftop terrace
- swimming pool and spa
- covered parking
The property is adjacent to Interstate 55 and is in close proximity to dining and retail facilities, with downtown Jackson within a 5-mile drive.
In May, Passco Cos. acquired a 360-unit Class A apartment community in Sarasota, Fla. for $77.5 million.
Image courtesy of Yardi Matrix