KeyBank secures $21.5 million financing

Grand Island, NY KeyBank Real Estate Capital (KBREC) secured $21.5 million of fixed-rate Freddie Mac financing for an unnamed sponsor to refinance a multifamily housing property.

Built in 1972, the 336-unit Country Glenn Apartments comprises 12 three-story buildings on 38 acres of land. Units are available in studio, one- and two-bedroom floor plans. Amenities at the pet-friendly property include a clubhouse, business and fitness centers, and swimming pool. The sponsor has invested $2 million of capital improvements into Country Glenn since 2016, when it acquired 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.

John Ward of KBREC’s Commercial Mortgage Group and Alan Isenstadt of KBREC’s Income Property Group structured the financing. David Singer of Calloway Capital brokered the deal.