Queens, NY KeyBank Real Estate Capital has originated $30 million in Freddie Mac, first mortgage financing for The Lanes, located in Long Island City. The seven-story, 57-unit, class A apartment complex was built in mid-2017 and totals 83,000 s/f with 11,000 s/fof ground floor retail space and 43 underground parking spaces.
Tom Peloquin of KeyBank’s commercial mortgage group arranged the fixed-rate financing with a 10-year term, five-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.
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