KeyBank Provides $27.7M Acquisition Loan for Student Housing Property in Ann Arbor, Michigan

ANN ARBOR, MICH. — KeyBank Real Estate Capital has provided a $27.7 million Fannie Mae loan for the acquisition of 411 Lofts in Ann Arbor. The student housing property is located less than a quarter-mile from the University of Michigan campus. Built in 2009, the 97-unit property features 4,264 square feet of ground-floor retail space. Caleb Marten and Chris Black of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.