TODAY’S DEALS: KeyBank Real Estate Provides $16.5M from $200M Fannie Mae Credit Facility

By Anuradha Kher, Online News EditorStatesboro Ga. and Columbus, Ohio–KeyBank Real Estate Capital recently provided $16.5 million from an existing $200 million Fannie Mae structured credit facility extended to Campus Apartments in January 2008. Consistent with the original terms of the facility, Key provided a $14.6 million variable rate DMBS advance for Campus Crossing at Statesboro Ga. and $1.9 million for The Seneca in Columbus, Ohio. Campus Crossing at Statesboro is a garden student housing property consisting of 600 beds in 168 units. Built in 2008, Campus Crossing at Statesboro serves Georgia Southern University. The Seneca was formerly the Seneca Hotel, which has been converted to a 76-unit market-rate property. Built in 1917, The Seneca was renovated last year and will help house Columbus’ large student population. Campus Apartments, which has holdings of more than 150 properties in addition to 78 under management, raised $300 million in equity to acquire and develop $1 billion in student apartments over a 3-year period. Gebroe-Hammer Associates Closes $13.5M Sale of 176-Unit Mid-Rise Apartment CommunityCherry Hill, N.J.–Gebroe-Hammer Associates has orchestrated the $13.5 million sale of Cooper Landing Apartments, a 176-unit mid-rise apartment complex in Cherry Hill, N.J. Executive Vice President Joseph Brecher and area specialist Joel Schwartz represented the seller, The Orbach Group, and procured the buyer, a long time Gebroe-Hammer client.Located at 801 Cooper Landing Rd., the two-building community is comprised of seven floors and a mix of 69 one-bedroom, 102 two-bedroom and five three-bedroom units featuring balconies. On-site amenities include an outdoor pool and scenic walking path. According to Brecher, Cooper Landing was 96 percent occupied at the time of sale, reflecting local market conditions.”The seller sought to dispose of this high-quality property in order to implement a 1031 exchange for another investment opportunity in New York City,” says Brecher.