KEYBANK ARRANGES $139 MILLION REFINANCE LOAN FOR FOUR-PROPERTY MULTIFAMILY

PITTSBURGH, PA. — KeyBank Real Estate Capital, on behalf of NSP Inc., has arranged a $139 million refinance loan for a four-property multifamily portfolio. The 1,382-unit portfolio comprises two assets in Pittsburgh, one property in Cincinnati and one asset in Lexington, Ky. The financing was structured as a non-recourse, fixed-rate CMBS first mortgage for $120 million and a $19 million fixed-rate mezzanine financing placed with a third-party investor. The facilities are 5-year, coterminous tenor. Randy Martin and Jon Reible of KeyBank arranged the loan for the borrower.