140
SOUTHFIELD, MICH. — KeyBank Real Estate Capital has provided an $18.1 million Freddie Mac loan for the refinancing of Pebble Creek Apartment Homes in Southfield. The 256-unit affordable housing property is comprised of 17 two-story buildings on 15 acres. The property was developed in 1996 under the Low-Income Housing Tax Credit (LIHTC) program. All of the units are restricted to those earning up to 60 percent of the area median income. Tim Weldon of KeyBank originated the fixed-rate loan, which features a 10-year term and a 30-year amortization schedule.