Commercial Mortgage Production

The transaction includes a $54 million ($181,324/unit) non-recourse, first mortgage loan secured by a 298-unit, garden-style apartment known as Lakeview at Westpark, located in Richmond, Texas. Lakeview at Westpark consists of six three-split-story buildings and a one-story community building (5,820 square feet) for a total of seven (7) buildings. The property was built in 2021 and is situated on 11.02 acres of land. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a 35-year term and amortizes on a 35-year schedule.

The transaction includes a $7.1 million ($69/square foot) non-recourse, first mortgage loan secured by a 126,000-square-foot(102,591-square-foot NRA), 704-unit self-storage facility known as ModBox Storage - Piedmont, located in Piedmont, South Carolina. Piedmont is part of the greater Greenville metro area, located 17 miles west of the Greenville CBD. The loan is structured with a five-year term, and subsequent to a five-year interest-only period.

On March 11, 2026, Sonida Senior Living, Inc. (Sonida), one of the largest, pure-play owner-operators and investors in U.S. senior living communities, announced the completion of its merger with CNL Healthcare Properties, Inc. (CHP), a real estate investment trust that owns a national portfolio of high-quality senior housing properties. Sonida acquired 100% of CHP in a cash and stock transaction valued at approximately $1.8 billion. The common stock of the combined company will trade under Sonida's existing ticker symbol “SNDA” on the NYSE. KeyBanc Capital Markets served as Exclusive Sell-Side Advisor to CHP. 

CNL Healthcare Properties is a real estate investment trust focused on institutional-quality senior housing holdings, including stabilized, value-add and ground-up development assets. 

Sonida Senior Living is one of the largest, pure-play owner-operators and investors in U.S. senior living communities, with a focus on independent living, assisted living and memory care communities and services for senior adults. Sonida provides compassionate, resident-centric services and care as well as engaging programming at its senior housing communities.

The transaction includes a $30.9 million ($119,647/unit) non-recourse, first mortgage loan secured by a 258-unit, garden-style apartment complex known as Pointe Grand Columbia, located in Columbia, South Carolina. Built in 2024, Pointe Grand Columbia consists of eight three-story apartment buildings situated on a total of 26.58 acres site. The proposed loan will be used to refinance the existing debt of 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.

The transaction includes a $16 million ($114,264/unit) non-recourse, first mortgage loan secured by a 140-unit, garden-style apartment complex known as Valley Apartments, located in Albuquerque, New Mexico. Built in 1970, Valley Apartments consists of 56 one- and two-story residential buildings and one clubhouse, situated on 10 acres of land. The proposed loan will be used to refinance of 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.

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 $30.4 million ($145,617/unit) non-recourse, first mortgage loan secured by a 209-unit mid-rise, Class A apartment complex known as Cane Island located, in Kissimmee, Florida. Built in 2007, Cane Island consists of nine three- and four-story apartment buildings and a single-story office/clubhouse, situated on 15.5 acres of land. The proposed loan will be used to refinance the property. The loan is structured with a five-year term, and subsequent to a two-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $17.4 million ($114,210/unit) non-recourse, first mortgage loan secured by a 152-unit, garden-style apartment complex known as Sun Plaza Apartments, located in Albuquerque, New Mexico. Built in 1973 and partially renovated over the past few years, Sun Plaza Apartments consists of 12 two-story apartment buildings, situated on 10 acres of land. The proposed loan will be used to refinance the property. The loan is structured with a seven-year term, and subsequent to a two-year interest-only period, amortizes on a 35-year schedule.

The transaction includes a $30 million ($99/square foot) non-recourse, first mortgage loan secured by nine industrial properties totaling 301,715 square feet of NRA (collectively the "Portfolio"), known as Texas & Iowa Industrial Portfolio, concentrated in the Houston, Texas MSA with one asset located in the Cedar Rapids, Iowa MSA. The property is situated on 6.5 acres and consists of nine properties leased to 12 individual tenants. The loan is structured with a five-year term, and subsequent to a five-year interest-only period.

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.