KeyBank Lends Conserve Holdings $29M to Buy Virginia Apartments


New Jersey real estate investment firm Conserve Holdings has secured $28.5 million of acquisition financing for the purchase of a multifamily asset in Chesapeake, Va., Commercial Observer has learned.

Keybank (KEY) provided the loan for the company’s $40.75 million acquisition of the 183-unit Cottage Trails Apartments from Independence Realty Trust, according to sources citing CoStar data. 

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The deal was led by KeyBank’s Rodney Shenman and Pranav Sarda, while Newmark (NMRK)’s Charles Wentworth, Garrison Gore and Victoria Pickett arranged the transaction.

Shenman, senior mortgage banker at KeyBank Real Estate Capital, noted that the deal closed within 30 days on the balance sheet and included an early rate lock for a takeout of Fannie Mae (FNMA)-backed debt in the first quarter of this year.

“It was a strong execution on all fronts and a really short duration to get the deal closed,” Shenman said. 

Located at 3000 Conservancy Drive, the 2012-built property was previously owned by Steadfast Apartment REIT before Independence Realty Trust acquired it as part of a 60-property portfolio purchase in December 2021, sources said. Community amenities include a swimming pool, a fitness center, a dog park and an outdoor grilling area.

Average monthly rents at Cottage Trails range from $1,480 for one-bedroom units to $3,345 for three-bedrooms, according to

Conserve Holdings declined to comment.

Andrew Coen can be reached at