Bank It, With KeyBank
John Randolph and Laura Conway of KeyBank Real Estate Capital’s Healthcare Group closed a couple of transactions, both involving HUD refinances. Trilogy Health Services was the borrower in both of the transactions. It first refinanced its 132-bed healthcare campus in Noblesville, Indiana with a $9.6 million loan. The facility was built in 2010 and features 49 skilled nursing, 33 assisted living and 29 memory care units. Trilogy also received a $5.7 million loan to refinance its Lafayette, Indiana skilled nursing facility. With 71 beds, it was originally built in 1969 but recently renovated in 2010. Both loans (which have 35-year amortization schedules) will also fund some repairs at the... Read More »
Back to Business for KeyBank
Less than a month after KeyBank Real Estate Capital announced its $703 million financing to fund Blackstone’s purchase of 64 seniors housing communities from HCP Inc., it was back to business for the commercial real estate financing provider with another HUD refinance. John Randolph of KeyBank’s Healthcare Group arranged a $15.4 million HUD loan for a 120-bed skilled nursing facility in Harlingen, Texas, which is located just a few miles from the U.S.-Mexico border. The 35-year loan refinanced existing debt on the facility, which was built in 2012, which helps explain the high value and debt of $128,300 per bed. Read More »KeyBank Arranges Over $700 Million for Blackstone’s Big Brookdale Acquisition
Blackstone and Brookdale Senior Living are in the news again. Working with KeyBank Real Estate Capital’s healthcare business, the joint venture received about $703 million in financing to fund Blackstone’s acquisition of 64 Brookdale-operated communities from HCP, Inc. A Fannie Mae credit facility makes up most the financing, which was arranged by Charlie Shoop of KeyBank and provides long-term, non-recourse, flexible financing. Meanwhile, KeyBank provided the balance from its balance sheet, in a transaction led by Peter Trazzera. The total financing represents about 62% of the $1.125 billion purchase price, which came out to approximately $188,500 per unit. That was for 100% of the... Read More »
KeyBank and Capital Health Group Team For Success
KeyBank Real Estate Capital pulled doubly duty for its client, Capital Health Group (CHG), in arranging an acquisition loan to fund the company’s purchase of three senior living communities in southeastern Pennsylvania, and then turning around to refinance the loan through multiple Fannie Mae financings. This is not the first we have heard of CHG’s most recent acquisition. Announced in January, the sale of the Keystone Villa Portfolio was arranged by Toby Siefert, Brad Clousing and Jeff Binder of Senior Living Investment Brokerage. The three properties, located between Harrisburg and Philadelphia, were developed by the selling entity, a group of local operators in Pennsylvania looking to... Read More »Schedule a demo
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