Eagle Arc Partners, a healthcare real estate investment firm, received a $10.2 million fixed-rate loan from KeyBank Real Estate Capital through the Federal Housing Authority’s (FHA) 232/223(f) mortgage insurance program to refinance Livermore Healthcare in Livermore, CA.
Livermore Healthcare is a 30-unit, 83-bed skilled nursing facility. The property was built in 1966 and received minor improvements in 2019, including new vinyl flooring in various common area rooms and hallways.
The loan has a fully amortizing 35-year term and will pay off an existing bridge loan. KeyBank provided the original acquisition financing for Eagle Arc’s acquisition of 35 total skilled nursing facilities, including this location, through a KeyBank-lead bank syndicate. John Randolph of KeyBank Real Estate Capital’s Commercial Mortgage Group and Grant Saunders of KeyBank’s Healthcare Group structured the financing.
This news comes on the heels of other major financing deals announced by Keybank, as it also recently secured a total of $105.9 million of debt for Caddis Partners to recapitalize a portfolio of six senior housing properties throughout Texas and Illinois last week. These six assisted living/memory care properties consist of 631 units and 642 beds.
