KeyBank Provides $161.6M Refinancing for 13-Property Age-Restricted Portfolio

CLEVELAND — KeyBank Real Estate Capital has provided $161.6 million in financing to Calamar Enterprises for a 13-property age-restricted housing portfolio.

The properties total approximately 1,500 units and are located in New York, New Hampshire, Missouri and Nebraska.

The financing is split into two parts. The first portion is $113.3 million of debt provided through the Fannie Mae DUS program and structured as two cross-collateralized pools with seven- and 12-year terms. The remaining $48.3 million was provided through the KeyBank balance sheet.

The loans refinance existing debt.

Six of the properties were in the process of lease-up, three of which were financed through Fannie Mae’s Near-Stabilization program with the other three being placed on Key’s balance sheet until they meet the agency’s refinance parameters. Four of the properties in the portfolio, located in New York, contained Payment in Lieu of Tax (PILOT) agreements, which further added to the complexity of the deal.

Dirk Falardeau and David Pyc of KeyBank’s Income Property and Commercial Mortgage Groups originated the loans.

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