TODAY’S DEALS: KeyBank Real Estate Capital Closes $51.8M in Loans for Four Multifamily Properties, and Other Transactions
- Dec 05, 2008
By Erika Schnitzer, Associate Editor Cambridge, Mass.—KeyBank Real Estate Capital has closed $51.8 million in Fannie Mae and Freddie Mac loans for four multifamily properties in Mass. and N.Y.Two of the four borrowers used Fannie Mae funding for properties in Mass. Forest City 91 Sidney Street LLC borrowed $25 million in Fannie Mae DMBS funding to refinance its 135-unit, 10-story mid-rise property in Cambridge, which is part of the 27-acre master-planned development at University Park at MIT. Spring Meadows Associates LLC borrowed $2.9 million in Fannie Mae acquisition funding for a 22-unit building in Danvers, Mass.In N.Y., KeyBank Real Estate Capital provided $17.4 million in Fannie Mae immediate funding to Oxford Developers LLC for a 65-unit Class A apartment community in Great Neck (pictured) and a $6.5 million loan to Willow Pond Apartments LLC to refinance a 182-unit Class B property in Penfield. ARA Negotiates Sale of 296 Units for $30.7MRaleigh, N.C.—Apartment Realty Advisors (ARA) recently negotiated the sale of Marquis at Crossroads, a 296-unit apartment community in Raleigh, N.C., for $30.7 million, or $103,716 per unit.Dean Smith and Blake Okland, ARA’s region principals, and Charles Wentworth, a broker in ARA’s Charlotte office, represented the seller, Newport Beach, Calif.-based CWS Capital Partners. The buyer was Raia Properties Corporation of Ramsey, N.J. Financing was arranged through CWCapital.Marquis at Crossroads, constructed in 1999, offers two- and three-bedroom residences at an average size of 1,079 sq. ft. The property was 95 percent occupied at the time of acquisition.PNC Arranges $4.5M Investment for 185-Unit Green Mixed-Income HousingNew York—PNC Multifamily Capital recently arranged a $4.5 million LIHTC (Low-Income Housing Tax Credit) equity investment for a 185-unit mixed-income, eco-friendly property in Harlem, N.Y.The $66 million Tapestry, a 12-story development, is a joint venture between the Jonathan Rose Companies LLC and Lettire Construction Corp. It is part of the 125th Street River-to-River Rezoning, a multi-city agency rezoning effort.The building’s eco-friendly features include green roofs, Energy Star-rated appliances and lighting fixtures, and the project uses recycled content materials and low-VOC paints. The development, which meets the Enterprise Green Communities criteria, is expected to receive a LEED (Leadership in Energy and Environmental Design) Silver rating.