Finance V Michigan

KeyBank provides $24 million loan for Detroit parking garage

KeyBank provides $24 million loan for Detroit garage,ph01

KeyBank Real Estate Capital has provided a $24 million CMBS first mortgage loan for Port Atwater Parking Garage in Detroit, Michigan.

The seven-level parking garage was built in 1989 and totals 1,086 parking stalls.

William Cassidy of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term and 25-year amortization schedule. The loan will be used to refinance existing debt.