November 30, 2018
Ann Arbor, Mich.- McKinley announced today that it has closed on $68,182,000 of long-term Fixed Rate Financing for Harbor Beach Apartments located in Orlando, Florida and Manchester Flats Apartments located in Ann Arbor, Michigan. Both apartment communities are generational investments in McKinley’s core markets of Orlando and Ann Arbor.
Harbor Beach is a 602-unit apartment community located in Orlando, Florida, offering charming one- and two-bedroom floorplans with private access to Lake Fredrica beach. Each apartment home includes a spacious open floor plan, soft plush carpeting and vinyl wood-like flooring. It is conveniently located on 436 (Semoran Blvd) with easy access to 408/417 and minutes from Orlando International Airport and is directly on the LYNX busline 3 & 436S.
Manchester Flats is a 174-unit apartment community located in the Old West Side market of Ann Arbor, where McKinley is the dominant Multifamily owner operator.The community is the perfect combination of urban apartment living and old-world charm and offers delightful studio, one, two and three-bedroom apartment floorplans featuring hardwood floors. This desirable location allows convenient access to the University of Michigan campus and medical center, Ann Arbor Public Schools, as well as local Ann Arbor shopping and dining.
“We are thrilled to continue our focus of locking up long-term fixed rate debt on all of our generational real estate holdings, this is an important year end closing for us, and we are very pleased with the outcome,” offered Jim Willett, Senior Vice President & Managing Director – Finance. KeyBank Real Estate Capital and Fannie Mae partnered to deliver the financings for Harbor Beach and Manchester Flats, as they have on many similar transactions for McKinley. “We have closed over $300 million this year with KeyBank and Fannie Mae, and they have been exceptional in every single way. They are a core part of our McKinley family, and we cherish our relationship with them,” further offered Willett.
November 8, 2018
Celebration, Fl.– The McKinley Companies announced today the acquisition of its newest Triple Net investment in Southwest Orlando, Florida.This newly developed 7-11 gas station and convenience store just opened in the Disney Celebration Planned Development and is consistent with McKinley’s NNN acquisition criteria. This development is in McKinley’s core Central Florida market, an exceptional location, and is occupied by an investment grade tenant on a long-term lease. McKinley has amassed a formidable NNN presence in the Southeast to include Florida, Georgia, and South Carolina, as well as in Michigan in the Midwest.
“This was a very complicated transaction with a 1031 exchange on a newly developed property, but it all worked out brilliantly,” offered Harry Collison, Senior Vice President and Managing Director – Acquisitions and Dispositions. “We have once again found the perfect combination of an extraordinary location and a superior investment grade tenant, and of course, it’s located in our Orlando Theme Park market which is one of largest concentrations of Multifamily holdings in our platform nationwide,” further offered Collison.
Canadian Imperial Bank of Commerce (CIBC) provided long-term fixed rate financing for this acquisition, as they have done on many of McKinley’s NNN acquisitions over the past several years. “CIBC is a terrific partner, they understand our needs in the NNN space, and they always perform for us,” offered Jim Willett, Senior Vice President & Managing Director – Finance. “We have had an amazing relationship with the CIBC Team over the years, and we look forward to many positive years to come in our extraordinary relationship,” offered Willett.