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LONG BEACH, CALIF. — KeyBank Real Estate Capital has closed a $40.2 million loan for Essex Property Trust Inc. Essex plans to use the loan to refinance an undisclosed amount of debt for the renovations made in 2007 on Pathways at Bixby Village, a 296-unit garden-style multifamily property in Long Beach. The Freddie Mac Conventional loan has a 10-year term with a 70 percent loan-to-value ratio and a debt-service coverage ratio of 1.2 to 1.