KeyBank Secures $25.3 Million of Financing for Two Multifamily Housing Properties in Albany, NY

Financing for two multifamily properties preserves affordable workforce housing
Mar 13, 2024 9:00 AM ET

KeyBank Real Estate Capital (KBREC) secured $25.3 million for Redburn Development Partners to refinance two multifamily properties that preserve affordable workforce housing in Albany, New York.

KeyBank secured a $14.2 million Fannie Mae fixed rate loan to refinance existing debt for 930 on Broadway, a newly constructed multifamily property with studio, 1-bedroom, 2-bedroom, and 3-bedroom units located in the Albany Warehouse District.

Redburn Development Partners has agreed to set aside 50 percent of the units to preserve workforce housing for individuals earning 80% or less of AMI, as part of the Fannie Mae Sponsor-Dedicated Workforce (SDW) Housing program. The 81-unit, mid-rise apartment complex consists of a four-story apartment building and includes 12,155 square feet of commercial space. 930 on Broadway is situated on 1.52 acres and offers 47 parking spaces.

KeyBank also arranged a $11.1 million Freddie Mac fixed rate loan to refinance existing debt for Astro Apartments, a student housing property located across the street from the main State University of New York (SUNY) Albany campus on Washington Avenue. Astro Apartments offers fully furnished studio-, one- and two-bedroom units for SUNY students living off campus. Built in 1998, the property is a garden-style complex situated on 2.4 acres, comprised of two three-story apartment buildings.

Dirk Falardeau and Mark Flanders of KBREC Commercial Mortgage Group structured the financing.

About KeyBank Real Estate Capital

KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located across the country, provide a broad range of financing solutions on both a corporate and project basis. The group provides interim and construction financing, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing, seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.