The deal was structured to adhere to what is known as Shari'ah to make sure it is compliant with Islamic law, says Dan Walsh, director of Key Global Capital. ''For example, one of their tenets is that one can't charge interest,'' Walsh told GlobeSt.com ''And so, it requires some pretty sophisticated structuring.''

Essentially, it means that Islamic Investment benefits from the appreciation in the deal, he says. Key Commercial is investing $30 million in the project in traditional financing and Trammell Crow also is putting a small amount of money into the deal.

A year ago, Key participated in the Maconda Park Apartments project in Austin. Key believes that is the first-Shari'ah-compliant construction financing of a multi-family real estate project in the US. In the spring, Key closed a similar deal for the $26-million, upscale Truman Drive apartment community, which is being developed in Largo, MD by the Dolben Cos.