KeyBank Secures $73.3M Acquisition Loan for 600-Unit Multifamily Asset in Louisville

LOUISVILLE, KY. — KeyBank Real Estate Capital has arranged a $73.3 million Freddie Mac loan for the acquisition of Mallard Crossing, a 600-unit multifamily property located at 400 Mallard Creek Road in Louisville. Louisville Business First reports Lifestyle Communities acquired the asset from M.F. Mallard Crossing KY LLC, an affiliate of Blackstone Group, in November. Tim Migchelbrink of KeyBank arranged the adjustable-rate loan with four years of interest-only payments on behalf of the borrower. Mallard Crossing was constructed in two phases starting in 1991, and includes 51 two- and three-story garden-style apartment buildings. Community amenities include indoor and outdoor basketball courts, a theater room, two swimming pools, grilling deck, sauna, two dog parks and tennis courts.