KeyBank Real Estate Capital has provided a $200 million Freddie Mac credit facility backed by 11 multifamily properties across the US.
The five-year, adjustable rate and interest-only facility was provided to NexPoint Residential Trust, a publicly traded REIT, according to the lender. The financing was used to refinance existing debt of the 11 multifamily properties and includes options to add additional properties and expand the financing up to $300 million with a 12-month extension option.
The Ohio-based bank also provided $324 million in financing on a portfolio of 76 senior care facilities in the US last month and an additional $202.1 million Freddie Mac financing on a senior housing community portfolio in metro areas of Houston, Dallas, and Austin, Texas in April.
KeyBank’s real estate arm is a Freddie Mac Program Plus Seller/Servicer and Federal Housing Administration-approved mortgagee that offers agency financing for multifamily properties, including senior housing and student housing. The firm has assets of approximately $98.4 billion as of March 31, 2016.
NexPoint Residential Trust is primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with “value-add” potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. The firm owns 42 properties as of May 9, 2016.
The lender and borrower were not immediately available for comment.