REBusinessOnline

KEYBANK CLOSES $25.1 MILLION IN FREDDIE MAC LOANS

MIDDLEBURG HEIGHTS AND PAINESVILLE, OHIO — KeyBank Real Estate Capital has closed $25.1 million in Freddie Mac loans for two properties located near Cleveland. In Middleburg Heights, KeyBank has provided an $18 million conventional loan to refinance The Islander Apartments. The Islander Apartments LLC was the borrower for the 18-building, 984-unit garden-style complex. In Painesville, the company has provided a $7.1 million Freddie Mac early rate-lock loan for the third construction phase of Cobblestone Court Apartments. Cobblestone Court Apartments I LLC was the borrower for the 120-unit luxury apartment complex. Additional terms of both loans were not disclosed.

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