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Nomura closes $719 million single-borrower SASB CMBS deal
The $719 million floating-rate, interest-only transaction includes 12 multifamily properties and one student housing asset, and it will refinance $696 million of existing debt.
Commercial Observer reports that Nomura Securities has closed the largest sole-bank single-asset, single-borrower SASB CMBS deal in almost two years, a $719 million transaction called KELR 2026-MF.
The deal is backed by 12 multifamily properties and one student housing asset owned by Keller Investment Properties. Nomura will act as the sole lender on a floating-rate, interest-only loan with a two-year term and three one-year extension options.
Newmark brokered the financing, and the AAA bonds rated by Fitch Ratings and Moody’s priced at 135 basis points over the Secured Overnight Financing Rate earlier this week.
Commercial Observer also reports the portfolio is spread across Utah, Nevada and Arizona and totals 3,321 units, including student housing at Utah Valley University. The proceeds will refinance $696 million in existing debt, with $22.2 million allocated to closing-related costs and reserves, and Keller is using the transaction as its CMBS debut after historically borrowing agency debt.