KeyBank Secures Financing for Connecticut Multifamily Properties

KeyBank Real Estate Capital has arranged financing for two separate multifamily properties in the greater Hartford area.

The first transaction is a $39.5 million Freddie Mac first mortgage loan for Tempo Evergreen Walk Apartments of South Windsor, CT. The 200-unit Class A garden-style apartment complex was built in 2018 and is comprised of nine, four-story residential buildings and a clubhouse. The fixed-rate non-recourse loan with an 11-year term, three-year interest only period and 30-year amortization schedule will be used to refinance a construction loan originally put in place by KeyBank.

The second transaction is a $20 million Freddie Mac first mortgage loan for Windsor Station, located in Windsor, CT. Built in 2017, the 130-unit multi-family property is comprised of two, four-story apartment buildings situated on 6.5 acres of land. The non-recourse, fixed-rate financing has a 12-year term, six-year interest only period and 30-year amortization schedule, and will be used to refinance existing debt.

Both transactions were arranged by Tom Peloquin of Key’s Commercial Mortgage Group. Peter Hausherr of KeyBank Real Estate Capital sourced both pieces of business and serves as relationship manager to each borrower.