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KeyCorp Closes $202-Mil Archstone Loan

DENVER-Cleveland-based KeyCorp's commercial real estate group closes a $202-million loan with Archstone Communities Trust, allowing the REIT to finance a loan on 11 apartment properties in its portfolio across the US.

By John Rebchook | Updated on May 16, 2001

DENVER-Cleveland-based KeyCorp’s commercial real estate group, called KeyCRE, closed a $202-million loan with Archstone Communities Trust. The financing, secured through Freddie Mac’s Program Plus program, enables Archstone to finance a loan on 11 apartment properties in its portfolio across the US.

The properties were sold to a joint venture between Archstone and a financial institution. Archstone is one of the largest REITs in the country that owns, operates and develops apartment projects.

Despite its size, the KeyCRE transaction took only 36 days to close. It is the largest commercial mortgage issued so far by KeyCRE’s permanent lending unit, Key Commercial Mortgage.

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