KeyBank Arranges $63M for Multifamily Portfolio

The properties include Cambrian in Aurora, Colo.; Ascott Place in Tampa; and The Cascades in Phoenix. The loans were secured through Fannie Mae.
The Cascades

KeyBank Real Estate Capital has arranged three loans totaling $63.1 million for a three-property multifamily portfolio, owned by entities affiliated with MAXX Properties.

The three communities received the fixed-rate, first mortgage financing through Fannie Mae, which will be used to refinance existing debt. Vice President Tom Peloquin, of KeyBank’s Commercial Mortgage Group, arranged the loans. 

“For more than 80 years, MAXX Properties has acquired and renovated apartment communities across the country, and are fortunate to have KeyBank Real Estate Capital as a core partner in our endeavors,” John Colardi, CFO of MAXX Properties, told Multi-Housing News. “KeyBank presented a broad range of financing solutions for Cambrian Apartments, Ascott Place Apartments and The Cascades, and the execution was impressive.”

Portfolio breakdown

Situated at 3550 E. Campbell Ave., The Cascades in Phoenix offer 95 units across seven four-story buildings. Floorplans are offered in studio, one- and two-bedrooms, ranging from 595 to 1,500 square feet. Built in 1966, the property was last renovated in 2017. The community was subject to a $9.2 million loan. Interior features include ceramic tile and private balcony/patios. Common area amenities include a clubhouse, a swimming pool, laundry facilities and 135 parking spaces within a parking structure. 

Located at 15601 E. Caspian Circle in Aurora, Colo., Cambrian comprises 383 one- and two-bedroom floorplans, ranging from 610 to 850 square feet. Built in 1982, the property was subject to a $42 million, 10-year loan with an interest of 4.4 percent per annum, according to Yardi Matrix. Situated on 13.5 acres, the community offers 16 three-story buildings and is at an occupancy of 93.2 percent as of September. Interior features include washer/dryers, fireplaces, balcony/patios and vaulted ceilings. Residents have access to amenities such as a volleyball court, a swimming pool, 841 parking spaces, a playground and laundry facilities. 

Ascott Place

Situated on 13.5 acres at 14003 Saulk Court in Tampa, Fla., Ascott Place features 231 apartments in 25 two-story buildings offering a mix of one- and two-bedroom floorplans, ranging from 725 to 1,000 square feet. The property was 96.1 percent occupied as of September. The 1970-built asset was subject to a $11.9 million loan. Interior features include washer/dryers, ceramic tile bathrooms and balcony/patios. Common area amenities include a fitness center, a tennis court, three swimming pools, two laundry facilities and 450 parking spaces. 

“MAXX Properties is a long-standing client of ours and we were pleased to work with them in arranging agency financing for their multifamily portfolio, located in multiple states,” Peloquin told Multi-Housing News. “We’re committed to the success of our clients and look forward to working with MAXX Properties again.”

In August, KeyBank’s Community Development Lending and Investment Group, along with KeyBank Real Estate Capital, provided TWG Development with $43.2 million in financing for Salish Flats Apartments in Airway Heights, Wash. 

Images courtesy of KeyBank Real Estate Capital