KeyBank Arranges $128M Financing for Acquisition of 13 Skilled Nursing Facilities

Kindred Transitional Care and Rehabilitation - Foothill is a Kindred-operated nursing facility located in Glendora, Calif. The specific properties involved in this financing were not disclosed. Kindred Transitional Care and Rehabilitation - Foothill is a Kindred-operated nursing facility located in Glendora, Calif. The specific properties involved in this financing were not disclosed.

CLEVELAND — KeyBank Real Estate Capital has originated a $128 million term loan for a 13-property skilled nursing portfolio acquisition by a joint venture led by BlueMountain Capital Management.

The financing represents a portion of a larger transaction involving the previously announced sale of Kindred’s entire 96-building skilled nursing business to the BlueMountain led joint venture for $700 million.

The properties financed by Cleveland-based KeyBank include nine skilled nursing facilities in California (including five in San Francisco and one each in Salinas, Stockton, Walnut Creek and Livermore) and one skilled nursing facility located in Nashua, N.H. The credit facility also provides for the future financing of an additional three facilities in Massachusetts once customary conditions of closing are met, including receipt of all licensure, regulatory and other approvals.

All of the acquired facilities have been leased to a number of regional skilled nursing operators. Grant Saunders and Peter Trazzera of Key’s Healthcare Mortgage Group arranged the financing.

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