Fannie and Freddie fund $10 million of CRE in the Northeast
The Northeast recently joined Austin and Florida on the list of commercial real estate success stories. KeyBank Real Estate Capital, a nationwide commercial real estate lender, originated a total of $10 million in Fannie Mae and Freddie Mac loans to refinance two multifamily properties in the region. The first property, Bryn Mawr Suites Apartments, is a 104-unit apartment complex located in Philadelphia and built in 1959. Bryn Mawr Suites, L.P. received $4.7 million fixed-rate mortgage from Freddie Mac allocated by KeyBank. The second property, owned by Chestnut Hills, LLC, received a $5.3 million Fannie Mae loan. The Chestnut Hills Apartments is a 97-unit complex located in Hamden, Conn. KeyBank Real Estate Capital is the lending arm of KeyCorp, a Cleveland-based financial services company. As of June 30, the company had assets totaling $94,265 and loans totaling $54,953. Write to Christine Ricciardi. Disclosure: The author holds no relevant investments.