300 East 17th Apartments
|Deal Type||Fannie Mae|
KeyBank Real Estate Capital (KBREC) secured $76.6 million of Fannie Mae financing for Maxx Properties, an apartment owner and manager based in Harrison, N.Y., to refinance a multifamily property in Denver it has owned since 2007.
Built in 1985, the 411-unit mid-rise 300 East 17th Apartments comprises three 10- and 14-story buildings on 2 acres of land. In addition to the multifamily space, the property features 10,780 square feet of retail space.
The financing is a 10-year, fixed-rate loan with full term interest only.
“KeyBank is pleased to execute the financing for Maxx Properties,” said Alan Isenstadt, a senior vice president in KBREC’s Income Property Group. “They’ve done a tremendous job managing the property for 13 years. Because of the long-term ownership and value enhancement performed by the sponsor, the agencies were very competitive in quoting this refinance.”