KeyBank Secures $37.1 Million in Combined Financing for Multifamily Workforce Property in Orlando
KeyBank announced today $37.1 million in total combined financing to support the refinancing of Castilian Apartments in Orlando, FL by Dominium, one of the largest affordable housing development and management companies in the United States.
The 14.8-acre workforce housing multifamily property features 17, two-story residential buildings with 304 garden-style apartments. Castilian Apartments was originally built in 1975 and renovated in 2017.
KeyBank’s Commercial Mortgage Group secured a $33.4 million Freddie Mac Targeted Affordable Housing (TAH) adjustable rate mortgage (ARM) loan. The non-recourse first mortgage loan is structured with a seven-year term followed by a 30-year amortization schedule.
KeyBank’s Community Development Lending & Investment (CDLI) team provided a $3.7 million Letter of Credit to support the TAH ARM, guaranteeing the difference between current net operating income (NOI) and stabilized NOI.
Jeff Rodman of KeyBank’s Commercial Mortgage Group and Kelly Frank of KeyBank’s CDLI team collaborated to secure the financing for the Castilian Apartments project.
Click to read in Borger News-Herald
Additional Articles
Dominium Promotes Adam Brookins to Vice President of Construction
Five-year company veteran to oversee project managers, superintendents and claim specialists on capital improvements, repairs and property renovations
Dominium Promotes 26 and Hires 154 Employees in Q4 of 2023
The affordable housing developer expanded its talent base and expertise and advanced positions in its regional offices and apartment sites across the country
Dominium Acquires Land for 67 Flats and Juniper Square, Plans to Develop 605…
The affordable housing development marks the first affordable new construction development in the city of Glendale