TODAY’S DEALS: Alliant Arranges $8.7M Refi of 318-Unit Apartment Community, and Other Transactions

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By Anuradha Kher, Online News EditorPeoria, Ill.–Alliant Capital LLC has arranged an $8.7 million refinance of The Grove of Peoria (pictured), a 318-unit garden-style apartment community in Peoria, Ill. The DUS refinance includes a 5.39 percent interest rate, five-year term with four and a half year yield maintenance and a 75 percent loan-to-value ratio.  “The […]

By Anuradha Kher, Online News EditorPeoria, Ill.–Alliant Capital LLC has arranged an $8.7 million refinance of The Grove of Peoria (pictured), a 318-unit garden-style apartment community in Peoria, Ill. The DUS refinance includes a 5.39 percent interest rate, five-year term with four and a half year yield maintenance and a 75 percent loan-to-value ratio.  “The Grove of Peoria is an anomaly in the current Chicago market,” says John Marr, senior vice president of Alliant Capital’s Stamford office and originator of this transaction. “With no population growth and an economy dealing with massive job losses, the area’s apartment market has taken a hit. However, The Grove is highly competitive and was able to increase rents across the board in 2009. In today’s economy, this couldn’t have been a more straight forward and simple transaction.” Located roughly midway between Chicago and St. Louis, Peoria’s market has remained steady in large part to its big city assets with small-town lifestyle. The area is home to Caterpillar, which employs nearly 85,000 people worldwide and nearly 16,000 in the Peoria area and Bradley University, which has a student population of approximately 20,000. The community has a 93.1 percent occupancy rate, representing 22 vacant units, 14 notices to move and 18 deposits received, bringing the net occupancy rate to 94.3 percent.KeyBank Real Estate Capital Closes $6M Loan for 144-Unit Rental PropertyGrand Island, Neb.–KeyBank Real Estate Capital recently closed a $6 million Fannie Mae commercial mortgage loan for a multifamily property in Grand Island, Neb. Key provided a Fannie Mae conventional fixed-rate loan to Timm Autumn Park LLC for Autumn Park Apartments. The loan was closed only two months after application. The property, a 144-unit garden-style apartment complex, was built in 1998. 

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