KeyBank Real Estate Capital (KBREC) has successfully obtained $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 building situated in the Albany Warehouse District. KBREC arranged a $14.2 million loan from Fannie Mae for this 81-unit complex which includes studio to three-bedroom units and commercial space totaling 12,155 square feet. Notably, half of these units are designated as affordable housing for individuals earning up to 80% of the Area Median Income (AMI). The property spans over an acre and offers parking spaces for up to 47 vehicles.
Additionally, KBREC facilitated an $11.1 million Freddie Mac fixed-rate loan for Astro Apartments – a student housing property adjacent to SUNY Albany campus that was built in 1998 by Redburn Development Partners themselves! This garden-style complex comprises two three-story buildings with fully furnished studio apartments as well as one- and two-bedroom options exclusively available to SUNY students only . Dirk Falardeau and Mark Flanders from KBREC Commercial Mortgage Group were instrumental in structuring this financing deal.
This news article originally appeared on Connect CRE’s website.
