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KeyCorp Acquisition Expands Commercial Mortgage Capabilities
CLEVELAND -- KeyBank Real Estate Capital, a unit of Cleveland based KeyCorp, has acquired American Capital Resource Inc. to expand its suite of permanent financing options available to developers. Atlanta-based ACR originates and services multi-family, senior housing and health care property mortgages insured by the U.S. Federal Housing Administration and United States Department of Agriculture.Terms of the deal, which was structured as an asset purchase, were not disclosed.The acquisition augments KeyBank Real Estate Capital's capabilities in agency finance, including participation in the Fannie Mae and U.S. Department of Housing and Urban Development programs. "American Capital Resource's FHA lending and servicing capabilities enhances our ability to deliver value to our multifamily and seniors housing developer clients," says E.J. Burke, executive vice president, KeyBank Real Estate Capital.Key has a commercial mortgage loan-servicing portfolio exceeding $25 billion.ACR employees will continue to work from their Duluth, Ga., office location and will report to Todd Rodenberg, agency director, KeyBank Real Estate Capital.This is the fourth commercial real estate acquisition Key has made in five years as part of its strategy to expand commercial mortgage finance and servicing capabilities. Key previously acquired National Realty Funding, Newport Mortgage, and Conning Asset Management's real estate mortgage division.Visit KeyBank: www.key.com "