KBREC, a division of KeyBank focused on real estate capital, recently secured $98 million in fixed-rate loans from Freddie Mac for Axiom Properties. The funds will be used to refinance existing debt on three multifamily housing properties located in Wisconsin. KBREC’s Commercial Mortgage Group, led by Samantha Miller and Tom Reynolds, arranged the financing.
One of the properties is The Meadows, which consists of 404 units spread across two- and three-story residential buildings. The loan amount for this property is $39.59 million with a 10-year term and a five-year interest-only period before amortizing over 35 years.
Another property included in this refinancing deal is Springtree Apartments – a garden-style complex offering one-, two-, and three-bedroom units totaling 272 apartments. This property will receive a non-recourse first mortgage loan worth $29.45 million with a five-year term that includes an initial two-year interest-only period before amortizing over 35 years.
Lastly, Mission Hills Apartments – another garden-style complex consisting of 271 units – will also benefit from the refinancing funds provided by KBREC through Freddie Mac loans structured with seven-year terms that include an initial two-year interest-only period before being paid off over the course of thirty-five years.
