KeyBank Secures $38.7M Financing for Multifamily Portfolio in Massachusetts

BOSTON, CAMBRIDGE & BRIGHTON, MASS. — KeyBank Real Estate Capital has secured $38.7 million in Fannie Mae financing for a four-property multifamily portfolio located in Massachusetts. A $20.7 million first mortgage loan was secured by Boylston Apartments, a 129-unit property built in 1927 in Boston; a $10.1 million first mortgage loan was secured by Cambridge Apartments, a 56-unit property built in 1880 in Cambridge; and a $7.9 million first mortgage loan was secured by Commonwealth & Lothian Apartments, two properties totaling 61-units built between 1925 and 1928 in Brighton. Hayley Suminski of KeyBank’s commercial mortgage group arranged the financing with 10-year terms, five years of interest-only payments and 30-year amortization schedules. The non-recourse loans were used to refinance existing debt.