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Ann Arbor, Mich. — KeyBank Real Estate Capital has arranged $27.7 million in acquisition financing for 411 Lofts, a 97-unit community located near the University of Michigan campus in Ann Arbor.
The property was built in 2009, and features 4,265 square feet of ground floor retail space. Caleb Marten and Chris Black of KeyBank secured the fixed-rate, Fannie Mae loan with a 10-year term, five-year interest only period and a 30-year amortization schedule. The borrower was undisclosed.