TODAY’S DEALS: KeyBank Closes $40M Loan for 296-Unit Garden-Style Rental Community, and Other Transactions
- Nov 18, 2008
By Anuradha Kher, Online News EditorLong Beach, Calif.–KeyBank Real Estate Capital recently closed a $40.2 million loan for Essex Property Trust Inc. The Freddie Mac Conventional loan will be used to refinance an unspecified amount of debt for renovations made in 2007 on Pathways at Bixby Village, a 296-unit garden-style multifamily property in Long Beach, Calif.KeyBank Real Estate Capital was able to provide Essex Property Trust a range of Agency financing options through its long-standing relationships with Fannie Mae, Freddie Mac and the FHA. KeyBank selected the Freddie Mac product with the most competitive terms for this transaction. The loan has a 10-year term with a 70 percent loan-to-value ratio and a debt-service coverage ratio of 1.2 to 1.NorthMarq Capital Arranged $35M Mortgage for 350-Unit Independent/Assisted Living FacilityNaples, Fla.–NorthMarq’s New York Metro office has arranged first mortgage financing of $35 million for Carlisle Naples, a 350-unit independent/assisted living facility, located in Naples, Fla. Financing was based on a five-year term with a 30-year amortization schedule and was arranged for the borrower, Starwood Capital Group, by NorthMarq through its seller-servicer relationship with Freddie Mac.Hendricks & Partners Negotiates Sale of 96-Unit Community for $12MChula Vista, Calif.–Hendricks & Partners recently arranged the sale of Casa La Paz, located at 370 K Street in Chula Vista, Calif. The 96-unit apartment community was sold for $12 million. The seller was Salomon Development Co. LP of San Diego and the buyer was Imperial Villa Apartments FLP of Chula Vista.