CLEVELAND, OH- KeyBank Real Estate Capital has announced that they recently secured three loans to finance the acquisitions of a collection of multifamily developments across three western states. Vice President Charles H. Williams and Western Regional Manager Jon Reible worked on all of the loans, which came through Freddie Mac and feature fixed-interest rates and 30-year amortization schedules. The specific deals include:
- $33.2 million to the Salt Lake City-based Sentry Capital Co., LLC for the acquisition of Sterling Village Apartments. Sterling Village is a 300-unit, Class A garden-style apartment complex in South Jordan, Utah. Vice President Irena Edwards of KeyBank’s Income Property Group closed an interim bridge loan within four weeks to facilitate a year-end closing.
- $16.5 million to the Bridge Investment Group, also based in Salt Lake City, for the acquisition of Pinnacle Grove Apartments, a Class B, 247-unit garden-style apartment complex in Tempe, AZ. Bridge specializes in acquiring and developing multifamily, commercial and mixed-use projects in the western states.
- $13.9 million to Hamilton Zanze and Company for the acquisition of The Pearl of Spring Creek, a Class B, 320-unit garden-style apartment complex located in Albuquerque, N.M. Hamilton specializes in acquiring and managing apartment communities in New Mexico and five other Western states.