KeyBank Real Estate Capital secured a $53 million non-recourse, first mortgage loan for Benedict Canyon Equities to refinance existing debt on Morada Rise, a 344-unit, garden style apartment complex located in Phoenix.  

Built in 2002, the property consists of 45, two-story residential buildings situated on a 16.37-acre site. Newly renovated apartments include oversized living areas, distinctive wood-style flooring, fully equipped kitchens, and a personal outdoor patio, while community amenities include two swimming pools and a spa, a fitness center, and a playground. The loan is structured with a 10-year term, and subsequent to a 5-year interest only period, amortizes on a 35-year schedule.

Paul Angle and Brian Kuhn arranged the financing for KeyBank Real Estate Capital. 

KeyBank Real Estate Capital provides interim and construction financing, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate.