KeyBank Real Estate Capital secured $98 million in Freddie Mac fixed rate loans for Axiom Properties to refinance existing debt on three multifamily housing properties in Wisconsin.
The Meadows is a 404-unit apartment complex located in Madison, WI. Built in 1979 and renovated in 2008, the property consists of 16, two and three-story residential buildings along with two, one-story pool buildings, and two sheds, situated on a 24.42-acres of land. The property provides 673 open parking spaces. The $39,595,000 loan will be used for refinancing existing debt and is structured with a 10-year term and after a five-year interest only period, amortizes on a 35-year schedule.
Springtree Apartments is a 272 unit garden style apartment complex located in Middleton, WI. Built in 1970, the property offers one-, two-, and three- bedroom units with 39 garage parking spaces and 338 surface parking spaces. The $29,445000 non-recourse, first mortgage loan will be used to refinance the existing debt of the property. The loan is structured with a five-year term, and after a two-year interest only period, amortizes on a 35-year schedule.
Mission Hills Apartments is a 271-unit garden-style apartment located in Franklin, WI. The property was built in 1971 and renovated in 2015. It consists of ten two- and three-story apartment buildings, as well as a private community pool and pool equipment building. There are one- and two-bedroom units along with 129 underground garage and 344 surface parking spaces, providing a parking ratio of 1.75/unit. The loan will be used to refinance the existing debt of the property, and it is structured with a seven-year term, and after a two-year interest only period, amortizes on a 35-year schedule.
Axiom Properties, Inc. offers comprehensive management and/or rehabilitation and turnaround solutions for multi-family property owners and investors. The firm has more than 55 years of experience in acquiring and managing multi-family properties.
Samantha Miller and Tom Reynolds of KBREC Commercial Mortgage Group structured the financing.
