Harmony Housing Portfolio
|Deal Type||Fannie Mae|
KeyBank Real Estate Capital (KBREC) secured $52.3 million of fixed-rate Fannie Mae financing for Harmony Housing to acquire five affordable multifamily properties in Florida, Illinois and Indiana:
- $21.6 million for the 216-unit Commander Place, built in 1996 in Orlando, FL.;
- $14.1 million for the 200-unit Pemberly Palms, built in 1996 in Vero Beach, FL.;
- $8.2 million for the 98-unit Wood Glen Apartments, built in 2003 in West Chicago, IL.;
- $4.4 million for the 40-unit Finley Place, built in 1980 in Lombard, IL.; and
- $4 million for the 81-unit Wyndham Hall Senior, built in 1996 in Indianapolis, IN.
The loan is structured with a 20-year term and an initial 10-year, interest-only period.
Based in Douglassville, Ga., Harmony Housing is a national 501(c)3 focused exclusively on acquiring affordable housing assets that are at, or nearing the end of, their initial compliance periods.