KeyBank Provides $28M Acquisition Loan for 185-Unit Community in Jacksonville

JACKSONVILLE, Fla. — KeyBank Real Estate Capital has provided $28 million in financing for the acquisition of Camellia at Deerwood, a 185-unit seniors housing community in Jacksonville.

Chicago Pacific Founders was the borrower. The Freddie Mac loan includes three years of interest-only payments and flexible prepayment.

Camellia at Deerwood was built in 2010 as a four-story independent living community in a largely undeveloped area southeast of downtown Jacksonville. As the property struggled to lease up during the recession, it fell into foreclosure and was acquired by the Carlyle Group in 2011. The new owners then converted approximately 40 percent of the units to assisted living and memory care with Leisure Care as third party manager.

Chicago Pacific Founders announced the acquisition in December, but did not disclose deal terms. Grace Management took over operations following the sale.

Charlie Shoop and Carolyn Nazdin of Key’s Commercial Mortgage Group arranged the financing.

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