KeyBank Plays Key Role In Record Oregon Acquisition
A few weeks ago, we reported the closing of the highest-priced single-asset seniors housing sale in the state of Oregon. Now, we’ve learned that KeyBank Real Estate Capital financed it with a $63.2 million Freddie Mac loan, which Charlie Shoop arranged with a fixed rate, 10-year term, four years of interest only and a 30-year amortization period. Blueprint Healthcare Real Estate Advisors handled the sale on behalf of the original developer/owner, eventually securing a $92 million, or $321,700 per unit, purchase price from the buyer, Strategic Student & Senior Housing Trust. That represented a 6.4% cap rate based on estimated trailing EBITDAR. Integral Senior Living, the property’s... Read More »
KeyBank Closes Two Fannie and Freddie Financings
Charlie Shoop of KeyBank Real Estate Capital has been hard at work arranging two financings from two different agencies. First, through Freddie Mac, Mr. Shoop originated a $26 million loan to facilitate the acquisition of a 175-unit independent living community in Dallas, Texas. The floating-rate loan came with a seven-year term, four-year interest only period and 30-year amortization schedule. Its recipient was Chicago Pacific Founders, which purchased the nine-year old community from Capitol Seniors Housing (CSH) for an undisclosed price. CSH had originally bought the property in 2016 when it was around 95% occupied and operating well. At the time, CSH had plans to invest in some capital... Read More »
KeyBank Closes Largest Single-Asset HUD Loan
In the largest single-asset HUD closing in history, KeyBank Real Estate Capital secured $127 million in financing for a large 499-bed skilled nursing facility in New York City. Originally built in 1966, with renovations in the mid-1990s and early 2000s, the facility was operating at full occupancy. Its owner, a regional owner/operator, used the loan’s proceeds to pay off an interim acquisition bridge loan provided by KeyBank and a syndicate of lenders. The HUD financing also helps fund over $7 million in capital expenditure improvements made to the property. KeyBank’s John Randolph, Henry Alonso and Brandon Taseff led the way on the transaction. Read More »
KeyBank Does It Again
KeyBank Real Estate Capital arranged HUD financing for an eight-property skilled nursing portfolio with 1,063 beds in Texas. The loan amount was $90.8 million, or about $85,400 per bed. KeyBank was the lead in a syndicate of lenders that provided a $315 million bridge loan to a joint venture between Capital Senior Ventures and BlueMountain Capital Management to buy a portfolio of 30 facilities. This latest financing was used to pay off the remaining balance of that bridge loan. John Randolph led the KeyBank team on the financing, which included Grant Saunders and Peter Trazzera from Key’s Healthcare Group. Read More »Schedule a demo
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