Upstate New York Community Scores Financing
- Dec 03, 2019
The Amedore Group and Sunrise Capital Partners have scored $35.5 million in Fannie Mae Green Certified financing for Van Allen Apartments, a recently completed Class A community outside of Albany, N.Y.
KeyBank Real Estate Capital secured the financing, with Hayley Suminski of the Commercial Mortgage Group and Mark Flanders of the Income Property Group structuring the deal.
Located at 10 Van Allen Way in the city of Rensselaer, across the Hudson River from the New York State capitol, the 224-unit multifamily property was built in two phases: 116 units in 2017 and 108 units this year. The community consists of 20 three-story buildings on a 21-acre site. Amenities include covered parking, basketball and tennis courts, a clubhouse, a fitness center, and a fenced-in dog park. Units range in size from one to three bedrooms and feature fireplaces, granite countertops and storage units.
The property enjoys a Payment in Lieu of Tax (PILOT) Agreement with the Rensselaer County Industrial Development Agency. The 10-year, fixed-term loan features five years of interest-only payments and refinanced existing debt. The community cost $40 million to build, according to a 2017 account by the Albany Business Review.
In May, KeyBank closed a $42 million second round of Fannie Mae financing for the renovation of Twin Parks West in New York City, a 311-unit New York City Housing Authority (NYCHA) property.