In the largest single-asset HUD closing in history, KeyBank Real Estate Capital secured $127 million in financing for a large 499-bed skilled nursing facility in New York City. Originally built in 1966, with renovations in the mid-1990s and early 2000s, the facility was operating at full occupancy.
Its owner, a regional owner/operator, used the loan’s proceeds to pay off an interim acquisition bridge loan provided by KeyBank and a syndicate of lenders. The HUD financing also helps fund over $7 million in capital expenditure improvements made to the property. KeyBank’s John Randolph, Henry Alonso and Brandon Taseff led the way on the transaction.
