TODAY’S DEALS: KeyBank Real Estate Capital Closes $33.8M in Loans for Two Multifamily Properties

By Anuradha Kher, Online News EditorColumbia, North Bethesda, Md.–KeyBank Real Estate Capital recently closed $33.8 million in commercial mortgage loans for two multifamily properties in Maryland through Fannie Mae. KeyBank provided a $20 million Fannie Mae floating-rate DMBS credit facility to refinance Tamar Meadow Apartments (pictured), a 178-unit garden-style apartment complex in Columbia and a $13.8 million Fannie Mae supplemental loan to Grand Apartments, a 549-unit Class A high-rise property in North Bethesda. Meridian Capital Group Arranges $20M in Financing for 163-Unit PortfolioLos Angeles–Meridian Capital Group arranged permanent financing for Los Angeles-based Capital Foresight LP in the amount of $20 million for a 163-unit multifamily portfolio of 10 properties located in Southern California. Meridian’s Los Angeles office negotiated the non-recourse, 5.75 percent, fixed-interest rate loan for five years with a national portfolio lender. The loans also feature an attractive variable-rate extension option.  The portfolio has undergone extensive renovations in recent years and currently enjoys strong operating fundamentals. The package of loans was committed expeditiously to ensure a timely closing by year-end 2008.Gebroe-Hammer Associates Closes Sale of Two MF Properties for Over $3MJersey City, N.J.–Gebroe-Hammer Associates recently closed two transactions, totaling more than $3.9 million, for 50 units in Jersey City, N.J.   205 Monticello Ave., a two-building, four-story walk up located at 168-170 Clinton Ave., near Journal Square was sold for $2.93 million and 16 fully occupied units at 170-172 Jewett Ave. were sold for $975,000.    Featuring all-brick exterior façades and a mix of one-, two- and three-bedroom units, the Monticello and Clinton Avenue properties are in good condition. A former historic warehouse site, the Monticello Avenue property has been fully updated with new interiors and cell towers. Both properties boasted a 95 percent combined occupancy at the time of sale. The two buildings are centrally located in the city and within walking distance of shopping and the Journal Square Path train station. “Hudson County’s multifamily sales volume remains consistent despite the current economy and a lack of supply of for-sale properties to meet investor demand,” says Ken Uranowitz, Gebroe-Hammer’s managing director. “Proximity to Manhattan and the continued demand for apartment-rental housing are fueling this market’s healthy investment pace, unlike other commercial property types, which is expected to carry over well into 2009.” “The Jersey City market draws many young professionals who recognize the city’s key features as an affordable, convenient location,” says Greenstein. “These renters, who have traditionally been priced out of New York City’s apartment market, value Jersey City’s wide variety of apartment living options and lifestyle offerings.”