Keybank Originates $32M in Financing for 2 Columbus Assets

New Life Multifamily Management is the owner of both communities, which total 747 units and are located approximately 13 miles from the city’s downtown.
Lake Eden Apartments & Townhomes

KeyBank has originated two loans in the amount of $31.7 million for two Columbus-area communities, according to Yardi Matrix data. Lake Eden Apartments & Townhomes and Eden at Caleb’s Crossing are part of New Life Multifamily Management’s portfolio. Completed between the 1970s and 1980s, the assets encompass a total of 747 units. Both loans were secured with Freddie Mac and feature a 10-year term.

Lake Eden Apartments & Townhomes is located at 5179 Dempster Drive, approximately 13 miles from downtown Columbus, and features 387 one-, two- and three-bedroom apartments. The unit sizes range between 625 and 1,740 square feet and are rented for a monthly average of $677. Residents have access to a waterscape, volleyball court, playground, swimming pool and community room among other amenities. New Life bought the community from Aimco in 2008 for $8 million.

Eden at Caleb’s Crossing

The other property, the 360-unit Eden at Caleb’s Crossing is located at 2080 Birchview Drive S., and is also approximately 13 miles from downtown Columbus, but on the opposite side compared to Lake Eden Apartments. In 2013 it entered foreclosure and was bought by New Life as an REO for $6.3 million. The community provides one-, two- and three-bedroom units, rented at a monthly average of $796, as well as a suite of amenities which include a clubhouse, swimming pool, tennis court and basketball court.   

In July, KeyBank originated $22.5 million in financing for the development of a 76-unit affordable housing community in Cleveland, dubbed The Residences at Cornerstone.