KeyBank Real Estate Capital closed on a $95 million Fannie Mae loan with Forest City Enterprises Inc. for The Grand Apartments, a 549-unit luxury high-rise community in Bethesda, Md. Forest City dedicated 20 percent of the property’s units to affordable housing.
KeyBank originated the loan through its Fannie Mae DUS platform. It comes with a 10-year term, of which five years will be interest-only. The transaction involved an early payoff of the first lien mortgage on the property attributed to a Fannie Mae Bond Credit Enhancement and the refinancing of two supplemental loans.