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CLEVELAND — KeyBank Real Estate Capital, a subsidiary of Cleveland-based KeyCorp, has provided $249 million in FHA financing to Formation Capital, a private investment management firm focused on seniors housing.
The financing will be used for a 22-property skilled nursing portfolio. Seventeen of the facilities are located throughout Florida, while the remaining five are located in Mississippi. The properties have a combined total of 2,682 beds.
John Randolph and Paul Di Vito of Key’s Healthcare Mortgage Group arranged the financing through FHA’s 232/223f mortgage insurance program.
Proceeds of the loan were used to pay down an existing bridge loan, which funded the acquisition of 66 facilities.