KeyBank Real Estate Capital closed a couple of transactions for seniors housing and care clients this week, starting with a HUD refinance of two skilled nursing facilities in Las Vegas, Nevada. Built in 1998 and renovated in 2013, Silver Hills comprises 150 operating beds in 80 units and provides physical, speech and occupational therapy. Silver Ridge was built in 1999 with 147 operating beds in 78 units and provides both in-house and outpatient therapy services, including respiratory therapy. Both are owned by Capital Senior Ventures and operated by Covenant Care. KeyBank’s John Randolph, Grant Saunders and Peter Trazzera originated and structured a $30.8 million HUD refinance, with a 35-year, fully amortizing term.
Then, the KeyBank Community Development Lending and Investment team of Eric Steinberg and Seaver Rickert secured a $10 million interim loan for Related Companies to refinance its affordable seniors housing community in White Plains, New York. Originally built as an armory in the early 1900s but converted to apartments in 1984, the community consists of 13 studio units, 39 one-bedroom units and 12,500 square feet of ground floor space leased to the city of White Plains and used as a senior center. The historic building underwent a renovation in 2007, which is when Related acquired the community. Occupancy has been historically high, and there is currently a two-year waiting list.
