KeyBank, AMA Arranges $403M Financing for Campus Apartments
KeyBank Real Estate Capital and AMA Financial collectively secured $402.6 million in Fannie Mae, Freddie Mac, and balance sheet financing for Philadelphia-based Campus Apartments during the first quarter, refinancing 19 student housing properties and funding the acquisition of a 20th property. Collectively, the financing encompassed 3,438 units with 9,332 beds.
As part of the transaction, KeyBank provided a non-recourse Fannie Mae Credit Facility secured by a geographically diverse portfolio of 17 dedicated student properties. Campus Apartments has owned and operated the 2,826-unit portfolio for 10-plus years. The facility is structured with a 10-year interest only period and allows for the addition and substitution of collateral.
Separately, KeyBank provided Campus with a balance sheet facility of $18,905,000 to refinance properties in Statesboro, GA and Lafayette, LA.; and a $29,250,000 Freddie Mac adjustable-rate loan to acquire The Hudson, also in Statesboro.
KeyBank’s Steven Hamm and Tom Hunter structured the financing.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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