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Chicago & Midwest  + Midwest  + Apartments  | 

KeyBank Secures Freddie Mac Financing on KC-Area Apartments

KeyBank Real Estate Capital (KBREC) secured $22.5 million of Freddie Mac financing for an unnamed sponsor to refinance a multifamily housing property in Independence, MO, near Kansas City. The loan is structured with a 10-year term, and subsequent to a three-year interest-only period, amortizes on a 30-year schedule.

John Ward of KBREC’s Commercial Mortgage Group and Alan Isenstadt of KBREC’s Income Property Group structured the financing. Jeff Seidenfeld of Seven Stone brokered the deal.

Built in 1971 and renovated in 2015 and 2020, Larkspur Pointe is a 280-unit, garden-style apartment complex that consists of 12 three-story residential buildings on 15.5 acres of land. The sponsor spent about $1.2 million renovating the property. 

Units are available in one- and two-bedroom floor plans. Amenities at the pet-friendly property include a fitness center, business center, pool, sauna, sundeck, clubhouse and playground.

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Inside The Story

KBREC’s WardKBREC’s Isenstadt

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Financing
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