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Keller Investment Properties targets $718.5M CMBS refi for 13 Southwest assets
The portfolio totals 3,321 units across 12 multifamily communities and one student housing property, with properties completed between 1987 and 2022.
Keller Investment Properties is refinancing a 13-property portfolio in the US Southwest through a $718.5 million CMBS loan, according to ConnectCRE.
The collateral includes six rental communities in Utah, four in Nevada, and three in Arizona, spanning 12 multifamily communities and one student housing asset. The deal covers 3,321 total units, with properties completed between 1987 and 2022 and a weighted-average construction year of 2004.
ConnectCRE says approximately $696.3 million of the proceeds will refinance existing debt, while $22.2 million will be used for closing costs and reserves.
The loan is expected to be structured as a two-year, floating-rate, interest-only facility provided by a Nomura affiliate, and Midland Loan Services, a division of PNC Bank, will serve as master servicer. Argentic Services Co. will be special servicer, Computershare Trust Co. will act as trustee and certificate administrator, and BellOak LLC will serve as operating advisor.