John Randolph and Charlie Shoop of KeyBank’s Healthcare Mortgage Group recently arranged $47.7 million of permanent financing, which included a $28.5 million HUD loan and a $9.2 million Fannie Mae loan, to refinance a portfolio of six assisted living communities. The HUD loan featured a low fixed rate for 35 years, while the Fannie Mae loan was originated and closed within 50 days. The portfolio includes 319 units and is entirely located in North Carolina. With the funds, the borrower, Ridge Care Inc., improves its cash flow flexibility and will be able to both make capital improvements and grow its portfolio. Back in March 2015, Ridge Care also received a $59.8 million credit facility arranged by KeyBank, that time from the team of Paul Di Vito and Mark Amantea. Back then, the company got a $49.8 million interim loan and a $10 million senior secured revolver.
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