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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.
- ◦Financing


