KeyBank Real Estate Capital (KBREC) has successfully arranged $25.3 million in financing for Redburn Development Partners, enabling the refinancing of two multifamily properties located in Albany, New York. The funding was secured through a combination of Fannie Mae and Freddie Mac fixed-rate loans.
One of the properties, 930 on Broadway, is a newly constructed mid-rise apartment complex situated in the Albany Warehouse District. KBREC facilitated a $14.2 million loan from Fannie Mae for this 81-unit building which includes studio to three-bedroom units and over 12,000 square feet of commercial space. Additionally, half of the units are designated as affordable housing for individuals earning up to 80% AMI. The property sits on approximately one and a half acres with ample parking available.
KBREC also assisted with securing an $11.1 million Freddie Mac loan for Astro Apartments – a student housing complex adjacent to SUNY Albany campus that offers fully furnished studio to two-bedroom units exclusively for SUNY students since its construction in 1998.
The financing arrangements were expertly structured by Dirk Falardeau and Mark Flanders from KBREC’s Commercial Mortgage Group without any mention or reference to Connect CRE or its associated brands such as Connect LA or Connect Texas.
