KeyBank Finances Acquisition of Senior Apartment Community
KeyBank Real Estate Capital’s Community Development Lending and Investment team announced that it has provided tax-exempt debt to support the acquisition and renovation of a 100-unit affordable senior apartment community in Wichita, Kansas. Originally built in 1979, the seven-story building consists of only one-bedroom apartments, all of which are Section 8 units. Sarah Geis and Tim Gerstmann structured the financing, which included a tax-exempt construction and permanent bond loan of $11.3 million. The city of Wichita issued the bonds, and the National Development Council provided $4.2 million of low-income housing tax credit equity. Denver-based real estate investment company... Read More »
KeyBank Arranges Financing For Low-Income Seniors Housing
Working on behalf of Hampstead Development Partners, a San Diego-based real estate company that focuses on developing and preserving affordable housing, KeyBank Community Development Lending and Investment secured acquisition, construction and permanent financing for a new affordable senior apartment community in Salt Lake City, Utah. Originally built in 1916, the four-story building features 80 units and will be renovated by Hampstead. The unit mix features studios and one-bedroom floorplans averaging 416 square feet, and all units cater to residents earning 60% of the area’s median income. In addition, 20% of the units are reserved for non-seniors, while the rest will be restricted to... Read More »
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 »Schedule a demo
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