Suburban NY Community Receives $29 Refi
The KeyBank Real Estate Capital loan will pay off existing debt on Lewiston at Pheasant Run, a 179-unit community in Clinton.
Lewiston Properties has received $29 million in refinancing for Lewiston at Pheasant Run, a 179-unit community in Clinton, N.Y. KeyBank Real Estate Capital provided the 10-year, fixed-rate loan which has a three-year interest-only period and 30-year amortization schedule. The mortgage was used to retire a prior debt.
Located on 37.3 acres at 100 Pheasants Run, the community was built between 2006 and 2018 in five phases. The property encompasses 31 two-bedroom townhouses and garden-style apartments. Amenities include stainless-steel appliances, attached garage, patios with private entry, 24-hour emergency service and walking trails.
Lewiston at Pheasant Run is minutes away from restaurants, banks and hospitals. Griffiss Business and Technology Park and Marcy Nano Center are within walking distance, while major thoroughfares such as routes 5, 12, 12B, 233 and 90 provide easy transportation throughout the entire area.
KeyBank Commercial Mortgage Group Vice President Dirk Falardeau arranged the loan. Last September, the company financed various affordable housing projects in New Jersey.
Image courtesy of KeyBank Real Estate Capital