Finance V Michigan

KeyBank arranges $15 million loan for Michigan apartment building

KeyBank arranges $15 million loan for Michigan apartment building,ph01

KeyBank Real Estate Capital has arranged a $15.7 million Fannie Mae first mortgage loan for Manchester Flats Apartment Homes in Ann Arbor, Michigan.

The 173-unit, garden-style, multifamily apartment community was built in 1957, renovated in 2013 and is comprised of nine two- and three-story buildings on six acres of land.

Todd Linehan of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate loan with a 15-year term, an initial 10-month interest-only period and a 30-year amortization schedule.