TODAY’S DEALS: KeyBank Real Estate Capital Closes $21.5M in Fannie and Freddie Loans for Ohio Multifamily Properties, and Other Transactions
- Oct 28, 2008
By Anuradha Kher, Online News EditorColumbus, Ohio–KeyBank Real Estate Capital recently closed $21.5 million in loans funded by Fannie Mae and Freddie Mac for four multifamily properties in Columbus, Ohio. KeyBank Real Estate Capital relied on its strong relationships with Fannie Mae and Freddie Mac and deep community roots in Ohio to close the multifamily loans. Two of the borrowers were able to use Fannie Mae funding provided by KeyBank Real Estate Capital for multifamily properties in Columbus. Sawmill Ridge Acquisitions LLC, borrowed $9.1 million in Fannie Mae acquisition loan funding to acquire Sawmill Ridge (pictured), a 192-unit Class A luxury apartment community. Hidden Acres Acquisition LLC, the borrower for Hidden Acres East, an 84-unit multifamily community, used $3 million in Fannie Mae acquisition loan funding to acquire the property.KeyBank Real Estate Capital provided $6 million in Freddie Mac funding for the immediate funding of Parkleigh North Apartments, a 216-unit complex in Columbus. JMW Parkleigh Co. LLC is the borrower. KeyBank Real Estate Capital provided a $3.65 million Coterminous DUS Supplemental Loan to Watkins Glen Holdings Ltd., for Watkins Glen Apartments, a 256-unit Class A multifamily community outside of Cleveland.Hendricks & Partners Arranged Sale of 86-Unit Rental CommunityLa Mesa, Calif.–Hendricks & Partners recently arranged the sale of The Villas at La Mesa, located at 8515 Chloe Ave. in La Mesa, Calif. The 86-unit apartment community was sold for $11,545,000.The Villas at La Mesa was built in approximately 1971 and features three functional floor plans consisting of 67 one-bedroom/one-bathroom units of approximately 690 sq. ft., two two-bedroom/one-bathroom units of approximately 950 sq. ft., and 17 two-bedroom/two-bathroom units of approximately 950 sq. ft.Apartment homes feature ceiling fans, central air conditioning and heating, updated appliances, and private patios/balconies. Community amenities include lush, tropical landscaping, large swimming pool, spa, on-site laundry facility, and ample open and covered parking.Summit Housing Partners Acquires Three Properties Totaling 448 Units for over $20MPascagoula, Miss. and Jacksonville, Fla.–Summit Housing Partners recently acquired three multifamily communities totaling 488 units for a little over $20 million. They include: The 184-unit Regency Woods Apts. is located in Pascagoula, Miss. Summit will spend $4,000/unit renovating this 100 percent occupied community which was built in 1974 (and substantially rehabilitated in 2003). The Fannie Mae financing for this acquisition was originated through MMA Financial. The 152-unit Desert Winds Apts. is located in Jacksonville, Fla. and will remain a 100 percent Section 8 community. Summit will spend $4,400/unit renovating this property which was built around 1972. The Fannie Mae financing for this acquisition was originated through Grandbridge Real Estate Capital.The 152-unit Silver Creek Apts. is also located in Jacksonville, Fla. and will remain a 95 percent Section 8 community. Summit will spend $4,400 per unit renovating this property, which was built around 1972. The Fannie Mae financing for this acquisition was originated with Grandbridge Real Estate Capital.