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CLEVELAND-KeyBank Real Estate Capital aims to originate $500 million in loans over the next 18 months for high-net-worth investors. The new program, Key Commercial Mortgage Direct, provides financing for acquiring investment property ranging from $600,000 to $6.5 million.The new program, Key Commercial Mortgage Direct, is designed for investors seeking to diversify their investment portfolios through the purchase of non-owner-occupied and owner-occupied real estate such as commercial and multi-unit residential properties. Targeted property types include office, retail, multifamily, mobile-home park, self-storage, warehouse, industrial, and mixed-use. Loan size ranges from $500,000 to $5 million. In explaining the impetus for the new program, KeyBank Real Estate Capital officials say volatility in the equities market over the past several years, coupled with the increased discipline the ratings agencies and public investors have imposed on the industry, have caused investors to view real estate more favorably as an investment vehicle. According to a report by Deloitte & Touche LLP and Rosen Consulting Group, private real estate investment had a 9.3% return rate from 1998-2003; compared with – 0.6 percent return by the S&P 500 Index during the same time five-year period.The program is being offered nationally, and is delivered through Key relationship managers and McDonald Financial Group financial advisors, Key’s unit for high net worth clients. KeyCorp officials say KeyBank Real Estate Capital is committed to underwriting all loans, providing competitive loan structures and pricing and servicing throughout the life of the loan.

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