KeyBank Buys American Capital

KeyBank Real Estate Capital, Cleveland, has acquired American Capital Resource, an Atlanta-based originator and servicer of FHA and USDA multifamily and health care mortgages, in a bid to expand its offerings of permanent financing options.The terms of the deal were not disclosed. The KeyCorp subsidiary said it expects the acquisition to boost its capabilities in the agency finance area -- including in the Fannie Mae Delegated Underwriting and Servicing program and Freddie Mac Program Plus area. E. J. Burke, a KeyBank REC executive vice president, said ACR's Federal Housing Administration lending and servicing capabilities "enhances our ability to deliver value to our multifamily and seniors housing developer clients." ACR is a Ginnie Mae multifamily issuer and an FHA MAP lender, and is also approved by the U.S. Department of Agriculture's Rural Rental Housing Service to provide financing for Section 538 guaranteed loans, KeyCorp said. ACR employees will continue to operate out of their current offices. KeyBank REC can be found online at http://www.keybank.com.