Vernon Gardens Apartments
|Deal Type||Freddie Mac|
|Our Role||Lead Arranger|
KeyBank Real Estate Capital has secured a $16 million Freddie Mac, first mortgage loan for Vernon Gardens Apartments in Vernon, CT. Built in 1965, the property is comprised of 10, two-story buildings and has undergone various renovations and upgrades since 2014.
John Ward of Key’s Commercial Mortgage Group arranged the non-recourse, floating-rate financing through Freddie Mac’s Green-Up Program. The loan was used to refinance existing debt and is structured with a 10-year term, five-year interest only period and 30-year amortization schedule.