Lending in Leominster
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. Read More »
KeyBank Funds ReNew Acquisitions
Private REITs may have taken a significant step back from their heady M&A days around 2014 and 2015, but one private REIT has been pursuing a growth strategy lately. Founded last February by George Chapman (former CEO of Health Care REIT, now Welltower), ReNew REIT (or ReNew Investors) now has 61 seniors housing communities and 5,645 units in 11 states in its portfolio thanks to several large portfolio acquisitions, including a 16-property purchase in Michigan and a RIDEA agreement with Southeast-based operator Phoenix Senior Living. So far in 2019, the company has closed four more acquisitions, adding eight additional communities and 813 units in Michigan, Pennsylvania and Virginia to... Read More »
Genesis HealthCare Buys and Divests
As it continues to improve its capital structure and rationalize its lease exposure, Genesis HealthCare has joint ventured with Next Healthcare Capital to buy 15 skilled nursing facilities with 2,147 total beds previously leased from Welltower located in Pennsylvania (6), New Jersey (4), Connecticut (3), West Virginia and Massachusetts. Genesis will own a 46% stake in the venture, and lease the properties, at presumably a lower rate than with Welltower, and there will be no escalators for the first five years. Welltower’s lease had 2% annual escalators. Next Healthcare appears to be willing to wait for that extra return, since Genesis has a purchase option beginning in 2026 to buy out the... Read More »
KeyBank Refinances Citadel Acquisition Loan
KeyBank Real Estate Capital headed back to the Bronx to take out a previous financing they had closed for a 199-bed skilled nursing facility. Built in 1994, this facility is subject to a ground lease with an unrelated third party. It was acquired a number of years ago by the borrower, Citadel Care Centers, thanks to a term loan arranged by KeyBank. Now, John Randolph, Henry Alonso and Brandon Taseff have arranged a $33 million HUD refinance, which includes $500,000 for repairs and improvements to the property. The loan came with a 35-year, fully amortizing term. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
