Dan Baker
Head of Real Estate Capital at KeyBank
Last year's rank: 34
KeyBank remained an active player throughout the pandemic, with a heavy focus on multifamily and industrial assets.
The Cleveland-based bank’s real estate capital activity for the one-year period ending March 31, 2021, included $17.2 billion in balance sheet loans backed by commercial mortgage-backed securities (CMBS), Fannie Mae, Freddie Mac, Federal Housing Authority and investor placements. It originated $38.8 billion in loans over those 12 months when factoring in syndications.
At the beginning of the pandemic, during April 2020, KeyBank lent $159 million on Aimco’s 698-unit Malibu Canyon Apartments in suburban Los Angeles. A month later, it originated a $557 million Fannie Mae loan to McKinley to refinance a portfolio of 15 properties in the Orlando, Fla., and Ann Arbor, Mich., markets.
In March 2021, KeyBank closed a $63 million loan for a four-property suburban office portfolio spread throughout Louisville, Ky.; Tampa, Fla.; Memphis, Tenn.; and Columbus, Ohio. The deal featured a 63 percent loan-to-value ratio.
“Throughout 2020, KeyBank worked very closely with our clients to provide the service and flexibility they needed to weather the uncertainty of the market,” Dan Baker said. “In times of market stress, those relationships are very meaningful to both us and the client.”
KeyBank’s balance sheet also includes originations for construction and bridge loans, as well as credit facilities. It has also cultivated a major presence in the affordable housing, senior housing, health care, multifamily and institutional REIT spaces.—A.C.
