Concord, NH KeyBank Real Estate Capital has provided $161.5 million in Fannie Mae DUS and balance sheet financing to Calamar Enterprises Inc. to refinance a thirteen asset, age-restricted housing portfolio. $113.25 million of debt was provided through the Fannie Mae DUS program and structured as two cross collateralized pools with seven and 12-year terms and $48.25 million was provided through the KeyBank balance sheet. The properties total 1,500 units and are located in New York, New Hampshire, Missouri and Nebraska.
The New Hampshire properties include: The Grand Estate at Londonderry in Londonderry; Cobblestone Pointe Senior Village in Concord; and Bedford River Senior Apartments in Bedford.
“Through our integrated platform we were able to provide Calamar with the financing solution it needed to consummate this transaction where the assets were in various stages of lease-up,” said Dirk Falardeau of KeyBank. “It was a privilege to work with Calamar Enterprises. They are a best in class operator of this asset class and provide high quality housing to senior communities throughout the US.”
Six of the properties were in the process of lease-up, three of which were financed through Fannie Mae’s Near- Stabilization program with the other three being placed on Key’s balance sheet until they meet the agency’s refinance parameters. Four of the properties in the portfolio located in NY contained Payment in Lieu of Tax agreements (PILOTs), which further added to the complexity of the deal. KeyBank worked diligently with the respective county officials to update the PILOT agreement language to adhere to both Fannie Mae DUS and KeyBank requirements.
Falardeau and David Pyc of Key’s income property and commercial mortgage groups originated the loan for the sponsor.
KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located across the country, provide a broad range of financing solutions on both a corporate and project basis. The group provides interim and construction finance, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing, seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.
KeyCorp's roots trace back 190 years to Albany, N.Y. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $137.7 billion at December 31, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.
