KeyBank Arranges $140M Refi for 3 Communities

The multifamily properties totaling 950 units are owned by Keller Investment Properties in Utah and Arizona.
Park at City Center. Image courtesy of KeyBank Real Estate Capital

Keller Investment Properties has received a $140.3 million Fannie Mae Credit Facility for the refinancing of three multifamily properties in Utah and Arizona totaling 950 units. KeyBank Real Estate Capital secured the financing, which was structured by Brian Caudel of the firm’s Commercial Mortgage Group and Devin Jolley of the Income Property Group.

Keller will be able to expand the facility with additional properties in the future, according to a statement by KBER. The properties include:

  • Park at City Center at 213 W. Civic Center Drive in Sandy, Utah
  • Quail Cove Apartments at 2090 N. Hill Field Road in Layton, Utah
  • Woodcrest Apartments at 800 W. Forest Meadows St. in Flagstaff, Ariz.

Built in 2017, Park at City Center is a one-building, five-story property offering 330 units in Sandy, a southern suburb of Salt Lake City. Keller bought it from Kaplan Cos. in November 2017, and the sale was subject to a $54.2 million loan held by Barings, according to Yardi Matrix. The community is more than 96 percent occupied.

Quail Cove is located north of Salt Lake City in Davis County. The 420-unit apartment community was built in 1986 and is 97.6 percent occupied. Keller purchased the property from Equity Residential for $20.3 million, and the asset became subject to a $29 million loan held by TIAA in June 2016.

Woodcrest Apartments offers 200 units and was built in 1990, according to the website ForRent.com. The property is near the junction of Interstates 17 and 40, a two hours’ drive north of Phoenix.

KBER returns west

In October 2018, KBER arranged three loans totaling $63.1 million for a three-property multifamily portfolio owned by affiliates of MAXX Properties across Phoenix, Aurora, Colo., and Tampa, Fla.

KBER is also active in senior housing. This past March, the firm originated $65.9 million in Freddie Mac financing for two senior housing properties in Western New York spanning 258 units, including assisting living and memory care units.