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KeyBank Secures $47M Refinancing for North Carolina MF Property

KeyBank Real Estate Capital (KBREC) has secured a $46.5 million Freddie Mac loan to refinance a multifamily housing property in Concord, N.C.

Built in two phases between 2013 and 2015, Century Afton Ridge is a 360-unit, garden-style apartment complex comprising 15 three-story buildings on 23 acres of land. The unit mix includes one, two- and three-bedroom floor plans. Amenities include a clubhouse, swimming pool and coffee bar. The property is owned by Atlanta-based real estate investment firm Centennial Holding Co., which acquired the community in 2016.

Trevor Ritter of KBREC’s Commercial Mortgage Group and Joe Fadus of KBREC’s Income Property Group secured the financing on behalf of the owner. The loan is structured with a 10-year term, amortizing on a 30-year schedule.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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