The properties were sold to a joint venture between Archstone and a financial institution. Archstone is one of the largest REITs in the country that owns, operates and develops apartment projects.
Despite its size, the KeyCRE transaction took only 36 days to close. It is the largest commercial mortgage issued so far by KeyCRE's permanent lending unit, Key Commercial Mortgage.
Last September, Key became a Freddie Mac lender when it acquired Dallas-based Newport Mortgage, a commercial finance company specializing in the origination, underwriting, funding and servicing of multifamily real estate loans under Fannie Mae DUS, Freddie Mac Program Plus, HUD Sections 223 (f) and 221 (d) and securitized mortgage programs.
In addition, KeyCRE enhanced its permanent lending capabilities early last year by acquiring National Realty Funding, a commercial finance company specializing in the origination, securitization and servicing of CMBS loans.
KeyCRE is the nation's fifth-largest commercial real estate lender with about $7.5 billion in annual deals. It provides construction and interim loans, as well as equity and permanent commercial mortgages nationally for virtually all property types.
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