Finance V Michigan

KeyBank originates $14 million loan for Michigan multifamily project

KeyBank closes $14 million loan for Michigan multifamily project,ph01

KeyBank Real Estate Capital has originated $14.7 million in Fannie Mae, first mortgage financing for The Grand apartment development, in Grand Blanc, Michigan.

The 102-unit, garden-style multifamily property was developed between 2014 and 2017.

Todd Linehan of Key’s Commercial Mortgage Group arranged the fixed-rate financing with a 10-year term, five-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.