|Deal Type||Fannie Mae|
KeyBank Real Estate Capital (KBREC) secured $22 million of Fannie Mae financing for Maxx Properties, an apartment owner and manager based in Harrison, N.Y., to refinance a multifamily property in Lakewood, Colo., it has owned since 1999.
Built in 1985, the 168-unit Concordia Apartments is comprised of seven three-story residential buildings and a two-story clubhouse on 5 acres of land.
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 more than 20 years. Because of the long-term ownership and value enhancement performed by the sponsor, the agencies were very competitive in quoting this refinance.”