KEYBANK ARRANGES $43.5 MILLION LOAN

ALEXANDRIA, VA. — KeyBank Real Estate Capital has arranged a $43.5 million Freddie Mac loan for 3001 Park Center Apartments in the Washington, D.C., suburb of Alexandria. The 16-story high-rise community, which was 90 percent occupied at the time of funding, houses 326 units on 5 acres. Financing was provided by Park Center Associates for a 15-year term with a 30-year amortization. Prior to Freddie Mac funding, KeyBank had provided a $7 million bridge loan to fund the property’s rehabilitation.