KeyBank Secures $25M for Two MF Properties in Albany 

KeyBank Real Estate Capital (KBREC) has secured $25.3 million in financing for Redburn Development Partners, facilitating the refinancing of two multifamily properties in Albany, New York. 

For 930 on Broadway, a newly constructed multifamily complex in the Albany Warehouse District, KBREC arranged a $14.2 million Fannie Mae fixed-rate loan. This 81-unit mid-rise apartment building, featuring studio to three-bedroom units and 12,155 square feet of commercial space, commits 50 percent of its units to affordable housing for individuals earning 80% or less of the Area Median Income (AMI). Situated on 1.52 acres, the property offers 47 parking spaces. 

In addition, KBREC facilitated an $11.1 million Freddie Mac fixed-rate loan for Astro Apartments, a student housing property adjacent to the State University of New York (SUNY) Albany campus. Constructed in 1998, this garden-style complex comprises two three-story apartment buildings offering fully furnished studio, one, and two-bedroom units for SUNY students. The financing was structured by Dirk Falardeau and Mark Flanders of KBREC Commercial Mortgage Group. 

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