KeyBank Secures $24.8M for Two Delaware Apartment Complexes

NEW CASTLE COUNTY, DEL. — KeyBank Real Estate Capital has secured $24.8 million in Fannie Mae early-rate lock loans for two apartment complexes located in subdivisions of New Castle County. A $20.8 million loan was secured for Hampton Walk, a 366-unit apartment complex located in New Castle Hundred. The property was built in 1952 and renovated in 2008. The financing was used to pay off an existing Fannie Mae loan, which was scheduled to mature in 2018. KeyBank also secured a $4 million loan for Driftwood Club Apartments, a 60-unit apartment complex located in Christiana Hundred. Built in 1966, the property was most recently renovated in 2013. The undisclosed sponsor plans to use the financing for future investment opportunities. Jeannie Johnson of KeyBank’s multifamily team arranged the financing for both properties.