KeyBank Real Estate Capital Closes $25.1M in Loans for Ohio Multifamily Properties, and Other Transactions
- Jan 15, 2009
By Anuradha Kher, Online News EditorCleveland and Painesville, Ohio–KeyBank Real Estate Capital recently closed $25.1 million in Freddie Mac loans for two multifamily properties near Cleveland. KeyBank provided an $18 million Freddie Mac conventional loan to refinance The Islander Apartments, an 18-building, 984-unit garden apartment complex in Middleburg Heights. KeyBank also provided a $7.1 million Freddie Mac early rate-lock loan to Cobblestone Court Apartments I LLC for the third construction phase of Cobblestone Court Apartments (pictured), a 120-unit luxury apartment home complex in Painesville, Ohio.NorthMarq Capital Arranged $15.215M Mortgage for 190-Unit Rental CommunityCouncil Bluffs, Iowa–NorthMarq Capital LLC’s Omaha Regional office has arranged first mortgage financing of $15.215 million for River Park Apartments, a 190-unit multifamily property, located in Council Bluffs, Iowa. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. The property is a newly constructed class “A” apartment complex located next to a golf course. Boston Capital Acquires Affordable Development, Upgrades of $30,246 Per Unit Planned Lithonia, Ga.–Boston Capital has invested in Highland Place Apartments, a 406-unit multifamily development in Lithonia, Ga. The proposed rehabilitation and upgrades will equal nearly $30,246 per unit in total construction costs.The general partner is Mercy Housing Southeast Inc., based in Atlanta. “Boston Capital is excited to be involved in the production of much-needed affordable housing in Lithonia, expanding the options available to families with moderate incomes,” says Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. Located on 40 acres, Highland Place Apartments is comprised of 55 two- and three-story garden-style buildings. The development features 22 one-bedroom, 310 two-bedroom and 74 three-bedroom units targeting families at 60 percent or less of the AMI (Area Median Income). Unit interior renovations will include new ceiling fans, new cabinetry with contemporary hardware and finishes and new Energy Star-rated kitchen appliances. All units will have washer and dryer hook ups, ceiling fans and patios or balconies. Renovations will include the remodeling of the community building which will host a social room, a fitness center and a rental office. Additional amenities will include a swimming pool, a sport/basketball court, a fitness course, a refurbished playground area and community green space with a gazebo and picnic area.