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KeyBank Secures $98M for Midwest MF Properties
KeyBank Real Estate Capital (KBREC) secured $98 million in Freddie Mac fixed-rate loans for Axiom Properties to refinance existing debt on three multifamily housing properties in Wisconsin. Samantha Miller and Tom Reynolds of KBREC Commercial Mortgage Group structured the financing.
The Meadows is a 404-unit apartment with two- and three-story residential buildings. The $39.59 million loan will be used for refinancing existing debt. It is structured with a 10-year term and, after a five-year interest-only period, amortizes on a 35-year schedule.
Springtree Apartments is a 272-unit garden-style apartment complex that offers one-, two-, and three-bedroom units. The $29.45 million non-recourse first mortgage loan will be used to refinance the property’s existing debt. The loan is structured with a five-year term and, after a two-year interest-only period, amortizes on a 35-year schedule.
Mission Hills Apartments is a 271-unit garden-style apartment, and the loan will be used to refinance the existing debt of the property. It is structured with a seven-year term and, after a two-year interest-only period, amortizes on a 35-year schedule.
