KeyBank Real Estate Capital arranged a first mortgage through Fannie Mae on behalf of a Sunrise Senior Living property in Leominster, Massachusetts. Originally built in 1996 with 48 assisted living units, the property added 23 memory care units in 1999 and converted 10 existing AL units into nine MC units in 2013. In that most recent project, the owner also added a common room and dining room to the community.
Now, to refinance existing debt, Carolyn Nazdin of KeyBank arranged a non-recourse $12.2 million loan, with a 10-year interest-only term.
