KeyBank Provides $145.2M Acquisition Financing for 12-Property Multifamily Portfolio in North Carolina
CLEVELAND — KeyBank Real Estate Capital has provided $145.2 million in Freddie Mac financing for the purchase of 12 multifamily communities in North Carolina. Brian Caudel and Andrew Nathenson of Cleveland-based KeyBank originated the loans, which offer 10-year terms with five years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower and buyer, Peak Capital Partners. The portfolio comprises garden-style apartments totaling 1,859 units with lot sizes averaging 11 acres. The assets were built between 1985 and 2005. The seller(s) was not disclosed.
The properties included in the sale are:
- 96-unit Arbor Glen in Eden, built in 2004;
- 128-unit Autumn Park in Oxford, built in 2005;
- 298-unit Brookwood in Archdale, built in 1987;
- 108-unit Crossroads Station in Charlotte, built in 2002;
- 226-unit Crestview in Concord, built in 1985;
- 156-unit Davidson in Concord, built in 1994;
- 144-unit Huntington in Concord, built in 1998;
- 88-unit Lexington Station in Lexington, built in 2002;
- 120-unit Crown Ridge in Shelby, built in 2003;
- 148-unit Marion Ridge in Shelby, built in 1999;
- 279-unit Mooresville Station (I & II) in Mooresville, built in 2000; and
- 68-unit Stonewood in Mooresville, built in 1987.