Real Estate Capital

KeyBank Real Estate Capital provided a $67.5 million bridge loan to assist The Hamilton Company with the acquisition of Hill Estates — a 396-unit multifamily residential community located in Belmont, Massachusetts, and two office properties located nearby at a campus off Brighton Street in the town’s easternmost neighborhood. The bridge loan will provide adequate time for the sponsor to best position the asset for a permanent agency financing.

The Hamilton Company will staff an on-site management office and operate all property management and maintenance functions for the 396 units and all common areas. Residents will also have access to the Hamilton’s full range of online tenant services, including online rent payments, maintenance requests, and renter’s insurance.

The two off-site commercial properties will be marketed and sold by The Hamilton Company as they are not part of the core business and revenue model of the Hill Estates residential community. The company plans to make significant capital improvements to the property including the renovation of all units.

“We are thrilled to have played a role in assisting Hamilton grow their robust portfolio through the addition of a legacy multifamily property in a preeminent Boston community,” said T.J. Hussey, relationship manager, KeyBank Real Estate Capital Income Property Group. “We look forward to seeing Hill Estates reach its full potential with the planned capital improvements and operations under Hamilton’s stewardship.” 

Founded in 1954 with the acquisition of a six-unit building, The Hamilton Company, owned by Harold Brown, has become one of the largest privately held real estate organizations in New England. The acquisition of the Belmont property enlarges their portfolio of premier residential properties to nearly 6,000 units in the Greater Boston area.

The transaction includes a $8,137,500 ($59,835/unit) non-recourse, first mortgage loan secured by a Class B, 136-unit garden style apartment community, known as Parkwyn Townhomes, located in North Richland Hills, Texas. Built in 1984, the property comprises eight two-story residential buildings and one clubhouse, situated on 4.82 acres. Parkwyn Townhomes is currently operating as a traditional market-rate apartment building. Upon loan closing, the property will enter the Pecos County Housing Finance Corporation (HFC) ownership structure where the title will be transferred to the HFC and the property will be ground-leased to the borrower. The borrower will become the leasehold estate owner which will qualify for a 100% real estate tax exemption, so long as 90% of units are set aside for occupancy by residents with annual incomes of 140% of the Area Median Income (AMI), including 50% of the units by residents with annual incomes of 80% of the AMI. The loan, co-originated by KeyBank and Argentic on a 35/65 split and structured with a 5-year interest only term, will be used to refinance the existing debt on the property.

KeyBank provided $750 million in financing for a portfolio of 11 luxury seniors housing properties located in Arizona, California, Oregon, and Georgia. The Senior Housing Realty Trust portfolio is owned by Senior Resource Group (SRG), Public Service Pension Investment Board (PSP), and Welltower (collectively the Sponsor). The proceeds were used for the refinancing of these stabilized properties, utilizing an interest only, 6-year term loan with a national Life Company. Balancing timing and the Sponsor’s debt strategy, Key leaned in on their experience in seniors housing and strong relationship with the lender to close the loan in less than 45 days after the term sheet was executed.

On April 1, 2025, SmartStop Self Storage REIT, Inc. (SmartStop or the Company) priced their Initial Public Offering, which featured a base offering of $810 million that grew to $931.5 million after the overallotment option was exercised. The Company plans to use the net proceeds from the offering towards redeeming 100% of its issued and outstanding Series A Preferred Stock, paying down existing debt under its credit facility and repaying an acquisition facility. KeyBanc Capital Markets served as Active Bookrunner on the transaction.

The transaction includes a $39,091,300 ($137,645/unit) non-recourse, first mortgage loan secured by a 284-unit garden-style apartment complex, known as Stoneplace Apartments, located in Molalla, Oregon. The complex, built in three phases between 2009 and 2016, contains 30 one- two- and three-story residential buildings and one single-story leasing office/clubhouse. The 561 parking spaces provide an optimal parking ratio of 1.98. The loan is structured with a 35-year term, amortizing on a 35-year schedule, and will be used to pay existing debt of the property.

The transaction includes a $22,888,000 ($190,733/bed) non-recourse, first mortgage loan secured by a 120-bed skilled nursing facility known as Complete Care at Arbors, located in Toms River, New Jersey. Built in 1993, the facility is licensed for 120 beds/72 units and has been operating at its full capacity. The property consists of a one-story building, totaling 47,030 gross square feet and spread across a 4.7 acre lot. 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 $10.8 million ($139,408/unit) non-recourse, first mortgage loan secured by a 100-unit, partially age-restricted, garden-style apartment complex known as Overlook Apartments, located in Middletown, New York. Built in 1983 and renovated in 2007, the property consists of six, two-story residential buildings and one community/office building. The improvements are situated on a seven-acre site. The proposed loan will be used to refinance the property's existing debt. 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 an $8.2 million ($133/SF) non-recourse, first mortgage loan secured by a 79,163 square foot (61,881 NRA), 697-unit self-storage facility known as Mini U Storage Santa Fe, located in Santa Fe, NM. Built in 2009 and renovated in 2016, the subject is currently improved with three single-story self-storage buildings and one, 2-story building containing a leasing office and storage units, situated on a 2.83-acre site. The proposed loan will be used to refinance existing debt. The loan is structured with a 10-year interest only term.

The transaction includes a 1,068-bed (313-unit) garden-style, off-campus student housing community in Southern Florida. Built in 2001 and renovated in 2022, the property consists of 24, 3-story apartment buildings. The proposed loan will be used to refinance existing debt on the property. The loan is structured with a 10-year term, and subsequent to a 5-year interest only period, amortizes on a 30-year schedule. The improvements are situated on a 41.2-acre site.

The transaction includes a $15,623,000 ($195,288/unit) non-recourse, first mortgage loan secured by 80-unit, garden style apartment complex known as The Valley Apartments located in Dublin, CA. Built in 1970, the property consists of four 2-story apartment buildings. The improvements are situated on a 2.92-acre site. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a 5-year term, and subsequent to a 2-year interest only period, amortizes on a 30-year schedule.

The transaction includes a $17.1 million ($150,596/bed) non-recourse, first mortgage loan secured by a 114-bed skilled nursing facility known as Complete Care at Mercerville Center, located in Hamilton Township, New Jersey. Built in 1967, the facility is licensed for 114 beds/54 units and has been operating at its full capacity. The property consists of one- and two-story buildings, totaling 34,642 gross square feet and spread across 5.4 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 $16,664,000 ($177,277/bed) non-recourse, first mortgage loan secured by a 94-bed skilled nursing facility known as Complete Care at Park Place located in South Brunswick Township, NJ. Built in 1996, the Subject is licensed for 94 beds/ 49 units and has been operating at its full capacity. The property consists of one-story building, totaling 46,940 gross-sf and spread across a 5.68 acre 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.