|Deal Type||Private Placement|
KeyBank Real Estate Capital (KBREC) secured $58.5 million of fixed-rate investor-placed financing for The Howard Hughes Corporation – a real estate development company based in The Woodlands, Texas, that owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. – to refinance a multifamily housing property in Las Vegas.
Built in 2019, the Tanager is a 267-unit apartment complex comprising three three-story residential buildings on 9 acres of land. Units are available in one- and two-bedroom configurations. Amenities at the pet-friendly property include a fitness center, game room, pool, spa, courtyard and outdoor kitchen with television lounge.
The loan is structured with a 10-year term, and subsequent to a 10-year interest-only period, amortizes on a 30-year schedule.
Trevor Ritter of KBREC’s Commercial Mortgage Group and Dan Silbert of KeyBank’s Institutional Real Estate Group structured the financing.