KeyBank Lends $98M on Wisconsin Multifamily Complexes
Three rental communities owned by Axiom Properties hold nearly 1,000 units
By Brian Pascus July 23, 2024 3:11 pm
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Axiom Properties has secured $98 million to refinance its debt on three multifamily complexes in three Wisconsin cities, Commercial Observer has learned.
KeyBank Real Estate Capital (KBREC) provided the three fixed-rate loans through Freddie Mac. Samantha Miller and Tom Reynolds of KBREC Commercial Mortgage Group arranged the financing.
The Wisconsin properties are in Madison, the state capital; Middleton, a suburb six miles west of Madison; and Franklin, a suburb of Milwaukee that is more than an hour east of the capital and close to Lake Michigan.
Of the total proceeds, $39.5 million will refinance existing debt over a 10-year term for The Meadows, a 404-unit apartment complex at 401 North Thompson Drive in Madison that was built in 1979 and renovated in 2008. The 24-acre property includes 16 buildings.
A further $29.4 million nonrecourse, first-mortgage loan will refinance the existing debt on Spring Tree Apartments, a 272-unit apartment complex built in 1970 at 2615 Amherst Road in Middleton. The loan carries a five-year term and features a two-year interest-only period.
The remaining balance of the refinancing — roughly $29 million — will refinance Mission Hills Apartments, a 271-unit garden-style complex at 7755 South Scepter Drive in Franklin that was built in 1971 and renovated in 2015. The seven-year term loan includes a two-year interest-only period. The 10-building property includes a private community pool among its amenities.
All combined, the three apartment complexes managed by Axiom feature more than 1,500 garage and ground-level parking spaces.
Axiom Properties and KeyBank did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
