KeyBank Arranges $41M for GA Community
Passco Cos. used the first mortgage, Fannie Mae loan to purchase the 320-unit Mariner Grove community in Savannah from Brand Properties.
By Roxana Baiceanu
Mariner Grove at 2010 E. President St. in Savannah, Ga.
KeyBank Real Estate Capital has arranged a $40.7 million Fannie Mae, first mortgage loan for a 320-unit luxury community located in Savannah, Ga. Passco Cos. used the financing to acquire Mariner Grove from Brand Properties, in a multifamily transaction brokered by Cushman & Wakefield. Chris Black and Caleb Marten of KeyBank’s Commercial Mortgage Group arranged the 10-year, non-recourse loan featuring a 30-year amortization schedule and a five-year interest only period.
Mariner Grove is located at 2010 E. President St. and comprises 215 one-bedroom and 104 two-bedroom units. Built in 2016 on a 16.2-acre parcel, the community is one of the several large residential projects underway in Savannah. Common amenities include a fitness center, a pet park, saltwater pool with sundeck and cabanas. Units feature kitchens with custom cabinetry, tile backsplashes and nine-foot ceilings.
The community provides access to the beaches bordering Savannah River, Savannah Golf Club as well as a number of restaurants and entertainment venues.
Last month, KeyBank originated $12.5 million in CMBS, first mortgage loans for a three-property self-storage portfolio in Colorado and Michigan.
Image courtesy of Passco Cos.
You must be logged in to post a comment.