Northeast Ohio Portfolio Scores $67M Refi

The 10-year Freddie Mac loan is retiring existing acquisition financing for the 1,137-unit Timber Top and the 114-unit Timberland Village, both located in Akron.
Timber Top. Image via Google Maps

KeyBank has originated a $67 million 10-year Freddie Mac loan for the 1,137-unit Timber Top and the 114-unit Timberland Village in Akron, Ohio, according to Yardi Matrix information. The financing is being used to retire an existing $46.4 million acquisition loan from U.S. Bank taken out in 2017, when Brown Gibbons Lang & Co. purchased the portfolio.

Located at 1551 Treetop Trail, Timber Top comprises one-, two- and three-bedroom apartments in 56 buildings completed in 1985 on 109.3 acres. Common-area amenities include a pool, a clubhouse and covered parking. In April, the asset was 91.7 percent occupied, per Yardi Matrix data.

Timberland Village, the smaller community, is situated 2 miles west from the first one, at 1460 Timber Trail. The property was built in 1972 and consists of a mix of studio, one- and two-bedroom apartments in 15 buildings across a 14.8-acre site. Amenities include a pool, a spa and laundry facilities. As of April, the community was 82.5 percent occupied, according to Yardi Matrix information. Both properties are roughly 7 miles from downtown Akron and a little more than 30 miles from downtown Cleveland.

In February, KeyBank provided an $11.5 million loan to Snavely Group. The company will use the financing to create 38 affordable housing units at Forest City Square Apartments in Cleveland.