KeyBank Real Estate Capital (KBREC) recently obtained a $94.3 million fixed-rate loan from Freddie Mac for the NRP Group to refinance their existing debt on a multifamily housing property in Tysons Corner, Virginia. KBREC’s Rob Garrison and Anthony Tavrell worked together to structure the financing.
The Rylan is an upscale rental apartment community with 390 units spread over five stories. It was developed by NRP Group in partnership with real estate investment firm PointOne Holdings and offers high-quality residences with luxurious finishes. The location of The Rylan is highly convenient, being less than half a mile away from Route 123, McLean Metro Station, and the I-495 Capital Beltway/Route 123 interchange.
The new loan secured by KeyBank is non-recourse and amounts to $94.34 million as first mortgage debt for refinancing purposes only. It has been structured with a term of five years, including an initial three-year period where only interest payments are required before switching to amortization on a 35-year schedule.
