KeyBank Arranges $41M for GA Community

Passco Cos. used the first mortgage, Fannie Mae loan to purchase the 320-unit Mariner Grove community in Savannah from Brand Properties.

Mariner Grove at 2010 E. President St in Savannah, Ga
Mariner Grove at 2010 E. President St. in Savannah, Ga.

KeyBank Real Estate Capital has arranged a $40.7 million Fannie Mae, first mortgage loan for a 320-unit luxury community located in Savannah, Ga. Passco Cos. used the financing to acquire Mariner Grove from Brand Properties, in a multifamily transaction brokered by Cushman & Wakefield. Chris Black and Caleb Marten of KeyBank’s Commercial Mortgage Group arranged the 10-year, non-recourse loan featuring a 30-year amortization schedule and a five-year interest only period.

Mariner Grove is located at 2010 E. President St. and comprises 215 one-bedroom and 104 two-bedroom units. Built in 2016 on a 16.2-acre parcel, the community is one of the several large residential projects underway in Savannah. Common amenities include a fitness center, a pet park, saltwater pool with sundeck and cabanas. Units feature kitchens with custom cabinetry, tile backsplashes and nine-foot ceilings.  

The community provides access to the beaches bordering Savannah River, Savannah Golf Club as well as a number of restaurants and entertainment venues.

Last month, KeyBank originated $12.5 million in CMBS, first mortgage loans for a three-property self-storage portfolio in Colorado and Michigan. 

Image courtesy of Passco Cos.