KeyBank Arranges $34.8M Loan for Apartment Community in Metro Charlotte

by John Nelson

CONCORD, N.C. — KeyBank Real Estate Capital has arranged a $34.8 million loan for Century Afton Ridge, a 360-unit apartment community in Concord, a northern suburb of Charlotte. The undisclosed borrower purchased Century Afton Ridge in March 2016 and has maintained stabilized occupancy since June. The borrower will use the Fannie Mae loan to refinance existing debt on the property. Trevor Ritter of KeyBank arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule.

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