KeyBank Provides $50M Bridge Loan for Axonic Properties’ Naples Multifamily Buy
By Cathy Cunningham August 11, 2017 4:30 pm
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Axonic Properties has nabbed a $50 million bridge loan from KeyBank Real Estate Capital for its acquisition of a multifamily complex in Naples, Fla., Commercial Observer has learned.
The debt will be used to acquire 426 units at Alvista at Laguna Bay Apartments.
Alan Isenstadt, a vice president at Keybank (KEY), originated the 90-day loan, which will be refinanced through agency permanent financing, according to an announcement from the lender.
“Axonic found a great opportunity to acquire a well-positioned multifamily property in the Naples market, and we were able to leverage our balance sheet to provide short-term financing that will lead to permanent financing,” Isenstadt said, in prepared remarks. “As a national lender, KeyBank has the infrastructure and resources to quickly assess transactions across all markets in the U.S., and we are confident in our ability to deliver a wide variety of balance sheet and capital markets financing solutions.”
Built in 1990, Alvista at Laguna Bay Apartments is a Class-A multifamily complex, consisting of 28 two-story apartment buildings. Since 2015, 350 of the property’s 456 units have been renovated. Amenities include a seven-acre lake, two pools, a new fitness center, lighted tennis courts, a dog park and an outdoor grilling area
“The purchase of Laguna Bay gives us the chance to own one of the largest apartment complexes centrally located in Naples where we believe there is growing demand for apartments,” said Jonathan Shechtman, the managing principal of Axonic Properties.
