Real Estate Capital

The transaction includes a $20.325 million ($94,097/unit) first mortgage loan secured by a 216-unit, garden-style apartment complex known as Residence at Deer Park, located in Deer Park, Texas. Built in 1973, Residence at Deer Park consists of 19 two-story apartment buildings and two one-story common area buildings, situated on a 9.99-acre site. The proposed loan will be used to refinance the existing debt on 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 $24.7 million ($84,880/unit) non-recourse first mortgage loan secured by a 291-unit apartment complex known as Mallard Creek Apartments, located in Kingwood, Texas. Built in 1999, Mallard Creek Apartments consists of 32 two-story residential buildings and is situated on 13.28 acres of land. The property also consists of a total of 72 covered parking spaces and 369 surface parking spaces, providing a parking ratio of 1.52 spaces/unit. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a seven-year interest-only term.

The transaction includes an $8 million ($81.07/sf) non-recourse, first mortgage loan secured by a 98,682 square foot (85,810 NRA), 830-unit self-storage facility known as Dollar Self Storage - Tucson, located in Tucson, Arizona. Developed in 1998, Dollar Self Storage is located on a 4.25-acre site and consists of 13 single-story buildings. Dollar Self Storage has 478 drive-up units, 216 climate-controlled units, 92 air cooled units, and 44 traditional units. Additionally, Dollar Self Storage includes 11 parking spaces for lease. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a 10-year term and amortizes on a 30-year schedule.

The transaction involves two properties located in Stamford, Connecticut: Daycroft Apartments and Hamilton Gardens. Financing includes two non-recourse, first mortgage loans totaling $40,570,000 secured by the two garden-style apartment complexes with a combined 188 units on 10.05 acres of land. Daycroft was built in 1958, and consists of eight, four-story residential buildings. Hamilton Gardens was built in 1960, and consists of four, two-story residential buildings. The loans will be used for acquisition of the properties. The loans are structured with a 5-year term, and subsequent to a 3-year interest only period, amortizes on a 30-year schedule.

The transaction includes a $17 million ($212,500/unit) non-recourse, first mortgage loan secured by an 80-unit, garden-style apartment complex known as Hamilton Gardens, located in Stamford, Connecticut. The property was built in 1960 and consists of four, two-story residential buildings on 4.49 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 three-year, interest-only period, amortizes on a 30-year schedule.

The transaction includes a $5,017,000 ($70/square foot) non-recourse, first mortgage loan secured by a 95,319 square foot (71,658 NRA), 575-unit self-storage facility known as Mini U Storage - Richmond, located in Sugar Land, Texas. Developed in 2009, Mini U Storage - Richmond is located on a 3.62-acre site and consists of five single-story self-storage buildings, one two-story self-storage building, and one building that contains the leasing office and on-site managers residence. Mini U Storage - Richmond has 161 non-climate-controlled exterior units, and 414 climate-controlled units ranging in size from 5x5 to 26x40. The facility has no RV/parking spaces. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a five-year interest-only term.

The transaction includes a $10.764 million ($64,071/unit) non-recourse, first mortgage loan secured by a 168-unit, garden-style apartment complex known as Boulder Ridge, located in Watford City, North Dakota. Built in 2011, the property consists of four three-story apartment buildings, situated on a 23.883-acre site. The proposed loan was used to refinance the existing debt on the property. The loan is structured with a 10-year term, and, subsequent to a five-year, interest-only period, amortizes on a 30-year schedule.

This loan was part of a three-pack of deals, all located in Williston and Watford City, North Dakota, that was brought to Key by the team at Bernard Financial Group.

The transaction includes a $6,500,000 ($102/square foot) non-recourse, first mortgage loan secured by an 82,120 square foot (63,610 NRA), 716-unit self-storage facility known as Mini U Storage – Fairfax Station, located in Fairfax Station, Virginia. Developed in 1986, Mini U Storage - Fairfax Station is located on a 5.628-acre site and consists of five single-story self-storage buildings, and one, two-story building. The leasing office and on-site managers residence are contained in one of the single-story self-storage buildings. Mini U Storage - Fairfax Station has 623 non-climate-controlled exterior units, and 93 climate-controlled units ranging in size from 4x5 to 20x30. The facility has 55 RV/parking spaces. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a five-year interest-only term.

The transaction includes a $57,750,000 ($175,532/unit) non-recourse, first mortgage loan secured by a 329-unit, garden-style apartment complex known as Vibe Apartments, in Kent, WA. The property was originally built in 1984, and the previous owner completed $1,241,585 ($3,774/unit) in capital improvements since 2019. The improvements consist of 34, 3-story buildings, situated on 16.33 acres. The property will be rent- and income-restricted under the LURA, which requires 100% of the units to be restricted to 80% AMI. The proposed loan will be used for acquisition of the property. The loan is structured with a seven-year term, and subsequent to a five-year interest-only period, amortizes on a 35-year schedule.

The transaction includes a $9 million ($142,857/unit) non-recourse, first mortgage loan secured by a 63-unit apartment complex, 700-732 Scarsdale Avenue, located in Scarsdale, New York in the NYC MSA. The property was built in 1958 and renovated in 2020, and comprises one, four-story residential building situated on a 1.541-acre land. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a five-year, interest-only loan.

This combined transaction includes the following:

A $6.19 million ($41,544/unit) non-recourse, first mortgage loan secured by a 149-pad hybrid RV park/manufactured housing community known as Triangle RV Park North, located in Durham, North Carolina. The property was built in 1967 and is situated on 38.68 acres of land. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a 12-year, interest-only term.

A $5.61 million ($45,983/unit) non-recourse, first mortgage loan secured by a 122-pad hybrid RV park/manufactured housing community known as Triangle RV Park South, located in Garner, North Carolina. The property was built in 1974 and is situated on a 26.48-acre site. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a 12-year, interest-only term.

The transaction includes a $57,615,000 ($207,248/unit) non-recourse, first mortgage loan secured by a to-be-built, 278-unit, 4% LIHTC, age-restricted apartment community known as Townhomes on Earley, located in Casa Grande, Arizona. 100% of the units will be set aside for households earning 60% or less of the area median income for the 15-year compliance period and the 15-year extended use period. Construction is scheduled to begin in July 2025 and conclude by July 2027. The property shall consist of single-family and duplex units on 23.6 acres of land. The proposed loan will be used for construction of the property. The forward commitment period will be for 36 months. The permanent loan is structured with a 15-year term, and, subsequent to a two-year interest-only period, amortizes on a 40-year schedule.