TODAY’S DEALS: KeyBank Real Estate Capital Provides $215M in Senior Debt
KeyBank finances a 1,284-unit mixed-income housing community; Crown Bay Group completes its first Atlanta acquisition; and Faith Investment Properties closes three sales valued at $28 million.
Boston—KeyBank Real Estate Capital has provided $215 million in senior debt financing for a 1,284-unit mixed affordable and market rate housing community known as Harbor Point, located in Boston. The loan was placed through Freddie Mac with a 20-year term, 35-year amortization period, 10 years of interest only and sub-3.65 percent interest rate.
The sponsors, Corcoran, Mullins, Jennison Inc, are very committed to providing quality affordable housing, and KeyBank and Freddie Mac are proud to work with them in that endeavor, stated KeyBank.
Dirk Falardeau originated the transaction under the direction of regional manager, Todd Goulet, with assistance from KeyBank’s affordable housing team and senior relationship manager Mathew Purtell.
Crown Bay Group grabs 138 units in Georgia
Stone Mountain, Ga.—Crown Bay Group and its partners have closed the acquisition of Wynview Apartments, a 138-unit community located on Central Drive in the Atlanta suburb of Stone Mountain, Ga. This was the group’s first Atlanta-area buy. A repositioning plan is in play. The property will also be renamed Parc Central.
Current amenities include a swimming pool, though the asset will soon see the addition of a playground, picnic area, a community room with business center and security upgrades.
Faith Investment Properties brokers 310-unit sale
Miami—Faith Investment Properties Group has sold three apartment properties with 310 units for $28 million. The firm buys struggling or distressed properties and executes a turn around. The three recently sold properties are Grand Island Place I and II, and Aventura Brentwood Apartments.
Grand Island Place, at 1495 to 1551 Northeast 167th Street, is a two-building, eight-story community. It sold for $16.5 million and includes 200 apartments on 2.8 acres. It’s last sale price of $6 million was in July of 2010.
Grand Island Place II sold for $5 million, and includes 60 apartments. The building was constructed in 1959 and last sold for $3.2 million in November of 2012.
Aventura Brentwood Apartments, at 2350 Northeast 173rd Street, offers a 59,382-square-foot building that was constructed in 1969. It was last sold for $2.9 million in July of 2004 and recently traded for $6.5 million.