KeyBank Secures $40.2M Refinancing for Three Apartment Properties in Southeast, Michigan
CLEVELAND — KeyBank Real Estate Capital has secured $40.2 million in Fannie Mae financing for three multifamily properties in Michigan, South Carolina and Florida. Dirk Falardeau and David Pyc of KeyBank structured the fixed-rate refinancing on behalf of the borrower, The Benchmark Group, a New York-based real estate developer, investor and manager. The properties include Autumn Woods in Sterling Heights, Mich.; Huntington Place in Columbia, S.C.; and Village at University Square in Tampa, Fla.
Built in 1973, Autumn Woods is a 286-unit affordable housing community with 42 one- and two-story buildings on 30 acres of land. The community offers one-, two- and three-bedroom floorplans. Community amenities include playgrounds and a basketball court. Located at 44401 Bridal Lane, the property is situated about 22.4 miles south of Detroit and is near Lake Saint Clair, as well as golf courses such as Clinton River Park. Autumn Woods is also 3.4 miles from the University of Detroit Mercy and nine miles from Baker College of Clinton Township.
Built in 1998, Huntington Place includes eight one- and three-story buildings on 17 acres of land. The 192-unit community includes two- and three-bedroom options. Located at 1003 True St., the property is situated five miles from the University of South Carolina (USC) and within walking distance from the USC School of Medicine. Community amenities include a pool, 24-hour cardio room, walking trails and barbecue areas.
The Village at University Square is a 122-unit apartment complex that sits on six acres and comprises five two-story buildings. Built in 1982, the affordable housing community offers one-, two- and three-bedroom floorplans complete with all appliances. Community amenities include a playground and basketball court.