June 9, 2020
KeyBank Real Estate Capital (KBREC) secured $557.4 million of 15-year term, fixed-rate Fannie Mae financing for Ann Arbor, MI-based McKinley to refinance 18 multifamily properties in Florida and Michigan. The properties, built between 1967 and 1997, comprise 5,387 units and are core stabilized assets in McKinley’s legacy portfolio.
Todd Linehan of KBREC’s Commercial Mortgage Group and David Baker of KBREC’s Income Property Group structured the financing.
For McKinley and KBREC, the latest Fannie Mae financing continues a long-term relationship. Last June, KBREC arranged $109 million in Fannie Mae debt for properties in Michigan and Florida.
“The financing of these properties is part of our long-term plan for our generational assets,” Albert M. Berriz, CEO and co-owner of McKinley, said last June. “We are setting sail for a long horizon to ensure our owned assets are locked in with great financing in a market with fluctuating interest rates.”
Pictured: Evergreen Apartments in Ann Arbor, MI.
Be sure to register for the Connect National Multifamily Update – June webinar, coming up on Thursday, June 11.
For comments, questions or concerns, please contact Paul Bubny