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Finance
Posted: February 8, 2019
KeyBank arranges $50.2 million Freddie Mac first mortgage loan
Randolph, MA KeyBank Real Estate Capital has arranged a $50.2 million Freddie Mac first mortgage loan for Residences at Great Pond, a recently constructed apartment complex. The 234-unit, mid-rise complex is comprised of four, six-story residential buildings on 16.7 acres.
Dirk Falardeau of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate loan with an 11-year term, seven-year interest only period and 30-year amortization schedule.
The Freddie Mac financing was used to repay a $39.7 million construction loan, originated by Matt Purtell of KeyBank’s Income Property Group in Boston.
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Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property
The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski
Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
