KeyBank Real Estate Capital has secured a $40.8 million Freddie Mac first mortgage loan to refinance Lawrence House Apartments, a 344-unit multifamily property in Chicago, on behalf of developer Cedar Street, Commercial Observer can first report.
Todd Linehan, a vice president in KeyBank’s commercial mortgage group originated the financing with a 10-year term, five-year interest only period and 30-year amortization schedule.
The high-rise property, located at 1020 West Lawrence, was built in 1933 as New Lawrence Hotel before being redeveloped in 2016 as a multifamily property. It includes 7,930 square feet of ground-level retail and commercial space.
Twenty-two of the residential units are part of the Chicago low-income housing trust fund rental subsidy program and are designated for tenants earning 30 percent of the area’s median income.
The property’s amenities include a boxing ring and a pool.
An active lender, in August KeyBank also provided a $50 million bridge loan to Axonic Properties for its acquisition of Alvista at Laguna Bay Apartments complex in Naples, Fla.