KeyBank Real Estate Capital has secured a $41.3 million Fannie Mae first mortgage loan for Maxx Properties’ acquisition of The Station on Central apartments in Phoenix, Ariz., Commercial Observer can first report.
Tom Peloquin, a vice president in KeyBank’s commercial mortgage group, arranged the loan, which has a 10-year term, five-year interest only period and 30-year amortization schedule.
Harrison, N.Y.-based Maxx acquired The Station on Central last month. According to a release, the company applied proceeds from its sale of a portfolio of six apartment communities located in Omaha, Neb. to the purchase.
The Station on Central is a 414-unit gated community that was built in 2000 and renovated in 2015. Its amenities include two swimming pools, a spa, a fitness center, a clubhouse and picnic areas. The development also includes a 508-space parking garage.
“We are pleased to have acquired an outstanding apartment community in a highly attractive submarket of Phoenix,” Ed Lange, the chief executive officer of Maxx Properties, said in an announcement regarding the acquisition earlier this month. “The community represents an attractive value-add, renovation opportunity. We are pleased to capture this opportunity to expand our operations and efficiencies in Phoenix, and expect The Stations on Central to generate attractive investment returns.”
Maxx Properties’ portfolio includes 82 properties comprising 9,446 owned units and 13,000 managed units in six states.
Officials at Maxx Properties declined to comment on the acquisition financing.