August 14, 2020
KeyBank Real Estate Capital (KBREC) secured a $163-million master credit facility for Panther Residential Management (PRM), a Boston-area private equity real estate firm specializing in Southeastern multifamily. The facility refinances six multifamily housing properties in Georgia, Tennessee and Alabama.
The facility is structured as a cross-collateralized pool with a 15-year term, including a 10-year interest-only period through Fannie Mae’s DUS program.
Via hands-on management, value-add renovations and ground-up development, PRM significantly increased the value of this portfolio, which comprises more than 1,500 units, during its ownership before securing the long-term, fixed-rate credit facility.
The properties include: Panther Riverside Parc, Atlanta; Integra Hills Apartments and Integra Hills Preserve Apartments, Ooltewah, TN; Villas at Houston Levee East and Villas at Houston Levee West, Cordova, TN; and Huntsville Parc Apartments, Huntsville, AL.
Dirk Falardeau and Steven Hamm of KBREC’s Commercial Mortgage Group and Matt Purtell of KeyBank’s Income Property Group structured the financing.
Pictured: Panther Riverside Parc.
For comments, questions or concerns, please contact Paul Bubny