REBusinessOnline

KeyBank Arranges $56.4M Acquisition Loan for Apartment Community in Metro Dallas

GARLAND, TEXAS — KeyBank Real Estate Capital has arranged a $56.4 million loan for the acquisition of Landmark at Lake Village North, an 848-unit multifamily community located in the Dallas metro of Garland. The property was built in 1983 and comprises 69 two- and three-story apartment buildings. Amenities include a fitness center and on-site laundry facilities. Amber Rao of KeyBank secured the non-recourse, floating-rate loan through an undisclosed life insurance company on behalf of Madera Residential. The loan also includes three years of interest-only payments and $5.4 million in funding for future capital improvements.

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