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KeyBank closes $14 million loan for Michigan manufactured housing community

KeyBank provides $14 million loan for Michigan community,ph01

KeyBank Real Estate Capital has originated a $14.4 million Freddie Mac, first mortgage loan for Pavilion Estates, located in Kalamazoo, Michigan.

The 531-pad manufacturing housing community was built in 1965 and is situated on 74.3 acres of land.

Tim Weldon of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term, five-year interest only period and 30-year amortization schedule. The loan was used to acquire the property.