Los Angeles — KeyBank Real Estate Capital has originated a $247.8 million Freddie Mac, first mortgage loan for The Lorenzo, a student housing community located in Los Angeles.
The property was developed in 2015 and is 95 percent leased to students from the University of Southern California (USC), the Fashion Institute of Design and Merchandising and Loyola Law School. Shared amenities include a three-story fitness center with rock climbing walls, basketball courts and an indoor jogging track; an on-site restaurant with room service; media rooms; study rooms; libraries catering to different colleges; multiple swimming pools; saunas; and sand volleyball courts. Robert Prouty of KeyBank’s Commercial Mortgage Group arranged the fixed-rate loan with a seven-year interest only term, which was used to refinance existing debt. The owner of the property was undisclosed.