Real Estate Capital

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.

KeyBank financed a $62.2 million, five-year, full-term interest only, non-recourse Life Company debt fund loan for the refinance of Aspire Cape Coral apartment complex in Cape Coral, Florida.

Built in 2022, this 319-unit, Class A luxury rental community is within short driving distance of shopping centers, parks, healthcare, and education facilities. Aspire Cape Coral offers one-, two-, and three-bedroom apartment options, in addition to its outdoor-focused resort-style amenities that include a clubhouse, pool, fitness center, and pet conveniences. The concrete-built community offers peace of mind in an area still recovering from the impact of recent hurricanes.

The transaction includes a $8.4 million ($12,121/unit) non-recourse, first mortgage loan secured by a 68,740 square-foot/693-unit self-storage facility known as ExtraSpace Storage - Division, located in Spokane, Washington. Built in 1992 and renovated in 2021, ExtraSpace consists of all climate-controlled units in a two-story, self-storage building, located on a 3.78-acre site. The proposed loan will be used to refinance the existing debt. The loan is structured with a five-year interest only term.

The transaction includes a $44.1 million ($137,962/unit) non-recourse, first mortgage loan secured by a 320-unit, garden style apartment complex known as The Braxton, located in Palm Bay, Florida. Built in 1987, the property consists of 16 residential buildings and non-residential buildings. The property is situated on 24.74 acres of land. 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 30-year schedule.