KeyBank Real Estate Capital has secured a $34 million Freddie Mac first-mortgage loan for Waverley Place Apartments, an affordable housing property in Naples, Fla. The borrower is Bridge Investment Group.
Built in 1990, the 300-unit property is comprised of 40 two-story apartment buildings situated on 11 acres. A portion of the units will be reserved for individuals and families earning 80% of the area median income.
Fred Dockweiler of KeyBank’s Commercial Mortgage Group arranged the nonrecourse, fixed-rate loan with a seven-year term, three-year interest-only period, and 30-year amortization schedule. The loan was used to facilitate the acquisition of the property.