LOS ANGELES AND MONTCLAIR, CALIF. — KeyBank Real Estate Capital has originated a total of $125 million in Freddie Mac first mortgage financing for two multifamily properties in the Los Angeles area.
The firm arranged a $72.4 million fixed-rate loan for The Paseos Apartment Homes, a 385-unit multifamily property located in Montclair. Built in 2014, the property comprises 15 three-story apartment buildings. The undisclosed borrower used the loan to refinance existing debt. The loan features a 10-year term, five-year interest-only payment period and 30-year amortization schedule.
Additionally, KeyBank arranged a $52.6 million fixed-rate loan for The Piero, a 225-unit garden-style apartment complex located in Los Angeles. The property is comprised of a seven-story apartment building, with three unit layouts ranging from 468 square feet to 1,218 square feet. The undisclosed borrower used the loan to refinance existing debt. The financing features a 10-year, interest-only term.
Robert Prouty of Key’s Commercial Mortgage Group arranged the financing for both properties.