KeyBank Closes Two Financings
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... Read More »
Keybank Secures Fannie Mae Refinance For Five Communities
KeyBank Real Estate Capital secured Fannie Mae financing for a portfolio of five seniors housing communities in several states operated by Enlivant. The long-term, non-recourse debt was secured by Charlie Shoop at an attractive interest rate. Plus, KeyBank’s Tim Sylvain, Paul Di Vito and Patrick Gilbreath originated and structured a balance sheet financing that extended the revolving lines of credit to other seniors housing properties operated by Enlivant. Read More »
Keybank Finances Renovation of Senior Apartment Community
KeyBank Real Estate Capital and KeyBanc Capital Markets worked on behalf of National Church Residences to secure acquisition financing for the not-for-profit’s renovation of an affordable senior apartment community in Cleveland, Ohio. Built in 1976, the community sits on two acres next to the Cleveland Clinic. It features 12 stories and 171 total Section 8 units, which came in one- or two-bedroom configurations. National Church Residences’ renovation project will preserve the building as affordable housing in the long term. So, KeyBank provided $14 million in HUD construction financing, with a 40-year term, and also sold $17 million of required tax-exempt bonds. In addition, KeyBank... Read More »
KeyBank Secures Financing For Idaho Property
Thomas Development Co., a multifamily real estate developer based in Boise, Idaho, acquired a low-income senior apartment community in nearby Caldwell thanks to financing secured by Sarah Geis and Kevin Ruf of KeyBank Community Development Lending and Investment. The community is brand new and features 48 units comprised of 32 one-bedroom and 16 two-bedroom units. The two-story building also has a community room, exercise rooms, a library and management office. Forty-one of the apartments are restricted to residents earning 40% to 60% of the area median income, and the remaining seven units are market rate. Tomlinson Associates is the operator, and a manager will live on site. ... Read More »Schedule a demo
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