KeyBank Real Estate Capital (KBREC) secured $30 million of fixed-rate Freddie Mac financing for a real estate private-equity investment firm based in New England to acquire a multifamily housing property in El Paso, Texas.
Built in 2009, Bungalows at North Hills is a 342-unit garden-style apartment complex that consists of 42 two-story apartment buildings on 18 acres of land. Units are available in studio, one-, two-, three- and four-bedrooms floor plans. Amenities include a clubhouse, fitness center, swimming pool and courtyards with barbeque grills.
The loan is structured with a five-year term, and subsequent to a one-year interest-only period, amortizes on a 30-year schedule.
Caleb Marten of KBREC’s Commercial Mortgage Group and Chris Neil of KeyBank’s Institutional Real Estate Group structured the financing.