TODAY’S DEALS: KeyBank Real Estate Capital Closes $25M Loan for Texas Multifamily Property, and Other Transactions
- Jan 09, 2009
By Anuradha Kher, Online News EditorIrving, Texas–KeyBank Real Estate Capital recently closed a $25 million loan for Canal Side Lofts (pictured), a 306-unit urban loft complex in Irving, Texas. KeyBank provided a permanent loan through Freddie Mac, refinancing an existing construction loan KeyBank had provided when the property was built in 2006. The borrower is Canal Side lofts, Ltd.Arbor Closes $15,035,900 Fannie Mae DUS Loan, and Other TransactionsStone Mountain, Ga.–Arbor Commercial Funding LLC recently completed a funding of a $15,035,900 loan under the Fannie Mae DUS product line to finance the 435-unit complex known as Hidden Pointe Apartments in Stone Mountain, Ga.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.18 percent.PNC ARCS Provides $4,376,000 for a Multifamily Property in Los AngelesLos Angeles–PNC ARCS provided a $4.376 million loan for the Saltair Apartments, a 27-unit multifamily property in Los Angeles.Built in 1977, Saltair Apartments is a low-rise building built over a street-level parking garage. Amenities include laundry facilities throughout the building and covered parking. The loan was for a 10-year term/30-year amortization at a fixed rate of 6.34 percent.