(Narberth, Pennsylvania) –Gregg Wallace, CEO of Narberth based AMA Financial, along with KeyBank Real Estate Capital collectively secured $402.6 million in Fannie Mae, Freddie Mac, and balance sheet financing for Philadelphia-based Campus Apartments during the first quarter of 2022. The deal refinances 19 of Campus Apartments’ student housing properties and funds the acquisition of a 20th property on the campus of Georgia Southern University. There are 3,438 units of dedicated student housing with 9,332 beds included in this specific transaction.
As part of the transaction, KeyBank provided a non-recourse Fannie Mae Credit Facility secured by a geographically diverse portfolio of 17 dedicated student properties. Campus Apartments has owned and operated the portfolio, which includes 2,826 units and 7,424 beds across 10 states, for 10+ years. The facility is structured with a 10-year interest only period and allows for the addition and substitution of collateral.
Separately, KeyBank provided Campus with a balance sheet facility of $18,905,000 to refinance properties in Statesboro, Georgia., and Lafayette, Louisiana.; and a $29,250,000 Freddie Mac adjustable-rate loan to acquire The Hudson, also in Statesboro. Wallace worked with KeyBank’s Steven Hamm and Tom Hunter to structure the financing.
“Gregg Wallace and his team have been great partners in many of our financings over the years” said David J. Adelman, Chief Executive Officer of Campus Apartments. “It has been a pleasure to be a part of their growth and watch Campus Apartments become a tremendous leader in the industry,” said Wallace.
About Campus Apartments LLC
Founded in 1958 near the University of Pennsylvania, Campus Apartments is one of the nation’s largest providers of on- and off-campus student housing. Campus Apartments helped to institutionalize the student housing sector, successfully growing its footprint through creative deal structures and innovative public private partnerships. Campus Apartments has since grown into one of the nation’s largest providers of student housing and redefines the college living experience. With over $1.5 billion in assets under management, the Campus Apartments portfolio consists of garden-style, mid-rise, and high-rise assets, as well as mixed-use and urban scattered-site housing. Campus Apartments properties can be found at more than 50 Colleges and Universities in 18 states.
About AMA Financial Located in Narberth, Pennsylvania, AMA Financial is one of the leading commercial mortgage-brokerage firms in the Mid-Atlantic Region. AMA specializes in providing a broad scope of flexible and creative debt and equity financing options for all commercial property uses. AMA Financial meets the financial needs leading real estate companies by providing innovative solutions combined with hands-on personalized commercial mortgage brokerage services. For close to 20 years, AMA has been a correspondent for Key Bank. The partnership has financed more than $5B of agency and balance sheet loans.
About KeyBank Real Estate Capital
KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located across the country, provide a broad range of financing solutions on both a corporate and project basis. The group provides interim and construction financing, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing, seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.
KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $186.3 billion on December 31, 2021. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
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