930 on Broadway in Albany, New York

KeyBank Provides $14.2 Million to Refinance Workforce Housing Property in Albany, New York

by Channing Hamilton

ALBANY, N.Y. — KeyBank Real Estate Capital (KBREC) has provided a $14.2 million fixed rate loan through Fannie Mae to refinance existing debt for 930 on Broadway, a workforce housing community in the Warehouse District of Albany.  Dirk Falardeau and Mark Flanders of KBREC Commercial Mortgage Group structured the financing. Redburn Development Partners was the borrower.

930 on Broadway comprises a four-story building housing 81 apartments, as well as 12,155 square feet of commercial space. The property is situated on a 1.5-acre site and offers 47 parking spaces. Redburn Development Partners has agreed to set aside 50 percent of the units to preserve workforce housing for individuals earning 80 percent or less of the area median income, as part of the Fannie Mae Sponsor-Dedicated Workforce Housing program.

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