KeyBank Refinances Raleigh Senior Living Community
Peter Trazzera, Patrick Gilbreath and Megan Major of KeyBank Real Estate Capital structured a $40 million bridge loan to refinance a 183-unit senior living community in Raleigh, North Carolina. Developed, owned and operated by Singh Development, the community features 121 independent living, 39 assisted living and 23 memory care units, and operates under the Waltonwood brand. It opened in January 2019 at a cost of $60 million, or $327,900 per unit. Earlier this month, KeyBank also secured $10.6 million in financing for an affordable housing developer/operator to build a 60-unit Section 8 senior apartment community in Cincinnati, Ohio. The borrower, The Model Group, also obtained financing... Read More »
KeyBank Arranges Financing for Foundations Health Solutions
KeyBank Real Estate Capital secured an $11 million HUD loan for Foundations Health Solutions to pay down acquisition debt it used to buy a 150-bed skilled nursing facility in Columbus, Ohio. KeyBank had provided the original $87.5 million bridge loan, which supported the acquisition of this Columbus facility plus eight other facilities previously owned by Welltower. The facility was originally built in 1968, with renovations in 1995 and 2007. To this point, KeyBank has closed $47 million of HUD loans for the portfolio, including a $36.3 million loan for four facilities totaling 442 licensed beds located throughout Ohio. As with that transaction, John Randolph of KeyBank’s Commercial... Read More »
Northwind Group and KeyBank Finance Peace Capital Acquisition
Peace Capital and its affiliated operator Complete Care Management acquired a senior care portfolio number some 930 beds in Ocean County, New Jersey, for approximately $169 million, or about $181,700 per bed. The financing for the deal came from a couple different sources. As part of its effort to deploy up to $1 billion into senior living and healthcare properties, New York City-based private equity firm Northwind Group provided a $26 million mezzanine loan for the acquisition. Meanwhile, KeyBank Real Estate Capital underwrote and closed the $131 million in senior financing and expects to lead the refinance of the portfolio with HUD debt. Jonathan Slusher and Ran Eliasaf led the mezzanine... Read More »
Persimmon Refinances Pennsylvania Portfolio
Patrick Shearer of KeyBank Real Estate Capital’s Commercial Mortgage Group secured $28 million of HUD financing for three seniors housing communities in Pennsylvania owned by Baltimore-based Persimmon Ventures, LLC and operated by Live Cardinal. All three communities offer assisted living and memory care services. Built in 1994 in Landisville, the largest property has 135 beds in 115 units and received a $16 million loan. A 59-unit community, which was built in 1987 in the town of Millersville, got an $8 million loan. The smallest community has just 45 units but 85 total beds. Built in 2000, it was acquired from The Hollinger Group for $3.8 million, or $84,400 per unit, at a 9.2% cap rate.... Read More »