Finance V Michigan

KeyBank secures $35 million in financing for Michigan apartment community

KeyBank secures $35 million in financing for Michigan apartment community,ph01

KeyBank Real Estate Capital has secured $35 million in non-recourse Fannie Mae financing for Regal Towers, a 934-unit multifamily property in Southfield, Michigan.

Built in 1972 and renovated twice, in 2008 and 2018, the property is made up of five seven- and eight-story residential buildings, a clubhouse and two maintenance buildings.

Erik Storz of KeyBank’s Commercial Mortgage Group arranged the fixed-rate, first mortgage loan with a 15-year interest only period and 30-year amortization schedule.