Finance O Indiana

KeyBank closes $13.9 million loan for apartment property in Indiana

KeyBank closes $13.9 million loan for apartment property in Indiana,ph01

KeyBank Real Estate Capital secured $13.9 million of Freddie Mac financing for The Benchmark Group to refinance a multifamily property in Evansville, Indiana.

Built in 1978 and purchased by Benchmark in 1997, Village Green Apartment Homes comprises 382 units in 25 two-story buildings on 22 acres of land. The loan is structured with a 10-year, interest-only term. Benchmark, based in Amherst, New York, is a real estate investment company that acquires, develops and manages multifamily and retail properties.

Dirk Falardeau of KBREC’s Commercial Mortgage Group and David Pyc of KBREC’s Income Property Group structured the financing.