KeyBank Real Estate Capital (KBREC) arranged a $43.8-million construction loan and permanent financing on behalf of Carrollton-based Target Builders for the ground-up development of the Reserves at San Marcos, an affordable multifamily property in San Marcos. KBREC’s Community Development Lending and Investment (CDLI) team purchased the private activity tax-exempt bonds as part of the funding structure for the 376-unit project.
KBREC’s Commercial Mortgage Group secured the $43.8 million of permanent loan financing for the property via Freddie Mac that includes a $41-million tax-exempt loan and a $2.8-million taxable tail, both of which are fixed-rate loan structures. The forward-commitment period is 36 months. Upon successful conversion, the permanent loan term will be 15 years with a 35-year amortization schedule.
Robbie Lynn of KBREC’s Commercial Mortgage Group and Hector Zuniga of KBREC’s CDLI team structured the financing. CREA, LLC syndicated the 4% lower income housing tax credits.
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.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
ConnectCRE.com
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Content Marketing
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.
