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KeyBank Lends $98M on Wisconsin Multifamily Complexes
Three rental communities owned by Axiom Properties hold nearly 1,000 units
KeyBank head of Commercial Mortgage Group and one of Axiom Properties’ three Wisconsin multifamily complexes. PHOTOS: Keybank; Axiom Properties
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.Â
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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.Â
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.Â
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.Â
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.Â
All combined, the three apartment complexes managed by Axiom feature more than 1,500 garage and ground-level parking spaces.Â
Axiom Properties and KeyBank did not respond to requests for comment.Â
Brian Pascus can be reached at bpascus@commercialobserver.com
2615 Amherst Road, 401 North Thompson Drive, 7755 South Scepter Drive, Samantha Miller, Tom Reynolds, Axiom Properties, KeyBank Real Estate Capital
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