MADISON, MIDDLETON AND FRANKLIN, WIS. — KeyBank Real Estate Capital (KBREC) has arranged $98 million in fixed-rate Freddie Mac loans for the refinancing of three multifamily properties in Wisconsin. Axiom Properties was the borrower.
The Meadows in Madison is a 404-unit complex built in 1979 and renovated in 2008. The property consists of 16 residential buildings along with two pool buildings and two sheds. The $39.6 million loan features a 10-year term, 35-year amortization schedule and five years of interest-only payments.
Springtree Apartments is a 272-unit, garden-style property in Middleton. Built in 1970, the community features one-, two- and three-bedroom units with 39 garage parking spaces and 338 surface parking spaces. The $29.4 million loan features a five-year term, 35-year amortization schedule and two years of interest-only payments.
Mission Hills Apartments is a 271-unit, garden-style community in Franklin. Built in 1971 and renovated in 2015, the property features 10 buildings as well as a community pool and pool equipment building. The loan features a seven-year term, 35-year amortization schedule and two years of interest-only payments.
Samantha Miller and Tom Reynolds of KBREC arranged the financing.