Fayetteville, Ark. — KeyBank Real Estate Capital has secured a $29.5 million loan for Sterling District, a 198-unit student housing community in Fayetteville, less than a half mile from the University of Arkansas campus.
Caleb Marten of KeyBank structured the fixed-rate, first-mortgage loan with seven years of interest-only payments through a life insurance company. Sterling District features a swimming pool, hot tub, fitness center, study rooms, game rooms, cyber café and an outdoor courtyard with barbeque grills. The borrower was undisclosed.