KeyBank Provides $98.4M in Financing for Two Affordable Housing Properties in Newark
NEWARK, N.J. — KeyBank has provided $98.4 million Fannie Mae loan for the acquisition and rehabilitation of two affordable housing properties in Newark. The properties are Garden Spires Apartments, a 544-unit affordable housing complex built in 1963 and Spruce Spires Apartments, a 112-unit subsidized housing property built in 1920. Dirk Falardeau and Kyle Kolesar of KeyBank arranged the financing for borrower, Omni New York LLC. The financing breaks down in the following manner: a $59 million Fannie Mae Reduced Occupancy Affordable Rehab loan; a $23.8 million Economic, Redevelopment and Growth (ERG) bridge loan secured by Garden Spires Apartments; and a $15.6 million Fannie Mae Affordable Mortgage loan secured by Spruce Spires Apartments. Both properties will undergo rehabilitation, including renovating lobby areas, replacing and upgrading building mechanics, modernizing elevators, installing new roofs and doors, improving common areas and replacing boilers.