Commercial Mortgage Production

On January 27, 2026, Makarora Management LP (Makarora) announced that, together with Ares Alternative Credit funds (Ares), it completed the previously announced all-cash acquisition of Plymouth Industrial REIT, Inc. (Plymouth), valued at approximately $2.1 billion. Pursuant to the terms of the transaction, Plymouth shareholders will receive cash consideration of $22.00 per share. With the completion of the acquisition, Plymouth will no longer be traded or listed on any public securities exchange.  

KeyBanc Capital Markets served as a Sell-Side Advisor to Plymouth Industrial REIT. 

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full-service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. 

Makarora Management LP is a New York-based investment management firm established in 2024 and led by senior professionals with extensive experience investing through global property market cycles. The firm seeks to provide differentiated capital solutions to the commercial real estate sector spanning a wide range of investments, including opportunistic credit, structured capital, and equity. 

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. As of September 30, 2025, Ares Management Corporation's global platform had over $595 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East.

The transaction includes a $29.2 million ($143,098/unit) non-recourse, first mortgage loan secured by a 204-unit apartment complex known as Riverplace Apartment Homes, located in Independence, Oregon. Built in 2015, Riverplace Apartment Homes consists of three-story residential buildings, eight garage buildings, one clubhouse and one car wash situated on 10.13 acres of land. The proposed loan will be used for refinancing the existing debt of the property. The loan is structured with a 35-year term, and subsequent to a five-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $16 million ($73,578/unit) non-recourse, first mortgage loan secured by a proposed 218-unit, affordable, multifamily apartment community known as Atkinson Stacks Sunrise Metro, located in Salt Lake City, Utah. The property consists of an existing 100-unit, four-story structure called Sunrise Metro, with an addition of 18 new units to the second floor (hereinafter referred to as “Phase I”) and new construction of Atkinson Stacks (proposed 100-unit, six-story structure, hereinafter referred to as “Phase II”). The structures are to be connected by an existing one-story common space. The construction/renovation of Phase I has commenced and has an estimated substantial completion of January 2026. The construction of Phase II is scheduled to commence December 2025, with an estimated duration of approximately 18 months for substantial completion in June 2027. The property is situated on a 2.7-acre site. The proposed loan will be used for substantial rehabilitation of the property. The loan is structured with a 16-year term, and subsequent to a one-year interest-only period, amortizes on a 40-year schedule.

The transaction includes a $17.98 million ($124,861/unit) non-recourse, first mortgage loan secured by a to-be-built, 144-unit, Low-Income Housing Tax Credit (LIHTC), garden-style apartment complex known as The Cooperative 1581, located in Moab, Utah. The project will consist of three three-story walk-up buildings and will be 100% income- and rent-restricted, targeting households earning between 40% and 80% of the Area Median Income (AMI), with a blended average of 60% AMI. Expected construction completion is scheduled for April 2027. The Subject will be situated on a 5.64-acre site. The proposed loan will be used for construction of the property. The loan is structured with a 15-year term and amortizes on a 40-year schedule.

The transaction includes a $24.85 million ($261,579/unit) non-recourse, first mortgage loan secured by a 95-unit apartment complex known as Pacific Sands Apartments, located in San Diego, California. Built in 1971 and renovated in 2016, Pacific Sands Apartments consists of nine two-story residential buildings, situated on 2.41 acres of land. The proposed loan will be used for refinancing the existing debt of the property. The loan is structured with a five-year term, and subsequent to a four-year interest-only period, amortizes on a 30-year schedule.

On December 16, 2025, KeyBanc Capital Markets (KBCM) successfully advised Kingston HealthCare Company, LLC (Kingston) on its sale to American Healthcare REIT, Inc. (AHR), along with its operating partner Trilogy Health Services, LLC (Trilogy). This strategic acquisition deepens Trilogy’s presence across Indiana and Ohio, strengthening its mission to make lives better for residents, their families, and their communities through exceptional care and service. KBCM served as Exclusive Sell-Side Advisor to Kingston.

Kingston HealthCare Company, based in Toledo, Ohio, operates 14 senior living communities and employs over 1,800 team members. Kingston has provided high-quality senior care for nearly four decades, earning a reputation for excellence, innovation, and a deep commitment to their employees and residents.

American Healthcare REIT (NYSE: AHR) is a self-managed real estate investment trust that acquires, owns, and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on senior housing, skilled nursing facilities, outpatient medical buildings, and other healthcare-related facilities.

Trilogy Health Services, founded in 1997, is based in Louisville, Kentucky and operates more than 130 senior living communities throughout Kentucky, Indiana, Ohio, Michigan, and Wisconsin. Recognized for its outstanding clinical quality and innovative solutions, Trilogy serves more than 12,000 seniors and employs about 18,000 team members.

The transaction includes an undisclosed amount, non-recourse, first mortgage loan secured by a 288-unit, garden-style apartment complex known as Chisholm Trace Apartments, located in Cleburne, Texas. Built in 2021, Chisholm Trace Apartments consists of 12 three-story apartment buildings and a one-story clubhouse/office, situated on a 13.16-acre site. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a five-year term, and, subsequent to a three-year interest-only period, amortizes on a 35-year schedule.

The transaction includes a $16.5 million ($100,425/unit) non-recourse, first mortgage loan secured by a 170-unit, garden-style student housing community known as Heritage Apartments, located in Spartanburg, South Carolina. Built in 2020, the property consists of seven one- to four-story buildings, situated on 14.16 acres of land. The proposed loan will be used for acquisition of the property. The loan is structured with a five-year term, and, subsequent to a five-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $112.38 million ($155,228/unit) non-recourse, first mortgage loan secured by a 724-unit, garden-style apartment complex known as Aspire Pinnacle Peak, located in Phoenix, Arizona. Built in 2009, the property consists of three-story residential buildings, situated on 29.48 acres of land. The proposed loan will be used to refinance the property. The loan is structured with a 10-year term and amortizes on a 35-year schedule.

The transaction includes a $86.1 million ($281,382.35/unit) non-recourse, first mortgage loan secured by a 306-unit, garden-style, and partially affordable apartment complex known as Willows at Ventura, located in Ventura, California. Built in 2024, the property consists of 13 two-, three-, and four-story apartment buildings, situated on 8.03 acres of land. The proposed loan will be used to refinance existing debt on the property. The loan is structured with a seven-year term, and, subsequent to a three-year interest-only period, amortizes on a 35-year schedule. This loan was closed under Freddie Mac’s new Lease-Up program.

The transaction includes a $21.47 million (116,696/unit) non-recourse, first mortgage loan secured by a 184-unit apartment complex known as Schooner Cove III, located in Ypsilanti, Michigan. Built in 1995 and renovated in 2018, the property consists of 13 three-story residential buildings, situated on 21.19 acres of land. The loan is structured with a 15-year term, and, subsequent to a 120-year interest-only period, amortizes on a 360-year schedule.

The transaction includes a $12.21 million ($249,265/unit) non-recourse, first mortgage loan secured by a 49-unit apartment complex known as Essex Street Apartments, located in Boston, Massachusetts. Built in 1900 and renovated in 1992, it received two known major renovations in 1986 and 2005. The property consists of one eight-story residential building, situated on 0.69 acres of land. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a 10-year interest-only period.