KeyBank Provides $19.5M in Acquisition Financing for Multifamily Property in Nevada
LAS VEGAS — KeyBank Real Estate Capital has funded a $19.5 million commercial mortgage to MAXX Properties for the acquisition of Madison at Spring Valley, an apartment community located in Las Vegas.
Built in 2000, Madison at Spring Valley offers 168 units in a mix of one-, two- and three-bedroom layouts ranging from 700 square feet to 1,600 square feet. The units feature open-concept, pet-friendly living with nine-floor ceilings, central air and in-unit washer/dryers. Community amenities include a swimming pool with sundeck, playground, clubhouse with coffee bar and 24-hour fitness center. The buyer plans to implement a capital expenditure program that includes unit and common-area renovations.
Alan Isenstadt and Cathy Berbieri of KeyBank Real Estate Capital’s Income Property Group structured the financing for the borrower.