REBusinessOnline

KeyBank Secures $35M in Loans for Two Multifamily Properties in Bay Area

Solis-Garden-Hayward-CA

Solis Garden Apartments in Hayward, Calif., features 62 apartments in a mix of studio, one-, two- and three-bedroom layouts.

HAYWARD, CALIF. — KeyBank Real Estate Capital (KBREC) has secured $35 million of Federal Housing Authority (FHA) fixed-rate loans for San Francisco-based Tesseract Capital Group (TCG) for the refinancing of two multifamily assets in Hayward. The company secured $17.5 million for Vivante Apartments and $17.4 million for Solis Garden Apartments. Both transactions closed using FHA’s 223(f) mortgage insurance program.

Built in 1965 on two acres, the garden-style Vivante Apartments features 51 market-rate apartments in a mix of two-, three- and four-bedroom floor plans. TCG has completed $1.1 million of renovations, including $400,000 to install solar panels.

Solis Garden Apartments, which was built in 1965 on two acres, features 62 market-rate apartments in a mix of studio, one-, two- and three-bedroom layouts in four three-story buildings. The interior and exterior of the property were recently renovated, including the installation of solar panels.

Katie Plett of KBREC’s Commercial Mortgage Group and Amy Schroeder of KBREC’s Income Property Group structured the financing for the properties.

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.



Related News

Webinars on Demand


Conferences


Read the Digital Editions

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Ancillary Retail

Student Housing Business

Seniors Housing Business

Featured Properties