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MADISON, WIS. — KeyBank Real Estate Capital has provided an $11.3 million loan for the refinancing of The Villages, a 193-unit workforce housing community in Madison. The property is currently leased to tenants at rent levels that qualify as being affordable to people who make 60 percent or less of the area median income. Dirk Falardeau and Robert Ray of KeyBank arranged the 10-year loan through Fannie Mae. Sundance Bay Multifamily, the multifamily development affiliate of San Diego-based Sundance Bay, was the borrower.