KeyBank Real Estate Capital secures $50.477 million mortgage

 

 

 

 

Rochester, NY KeyBank Real Estate Capital (KBREC) secured a $50.477 million non-recourse, fixed-rate first mortgage loan through Fannie Mae for National Property Management Associates, Inc. The loan pools eight individual loans from eight multifamily properties. The loans were used to refinance existing debt.

Hayley Suminski and David Pyc of KBREC structured the financing with a 10-year interest-only term.

Built between 1968 and 1984, the portfolio has a combined total of 941 units across:

• Dorsey Gardens Apartments, Greece, NY;
• Susan Apartments, Rochester, NY;
• Gaslight Square, Greece, NY;
• Pine Ridge Crossing, Rochester, NY;
• Pine Valley Apartments, Greece, NY;
• Portland Manor, Irondequoit, NY;
• Ridgecrest Court, Irondequoit, NY; and
• Woodhill, Newark, NY.