Higher Capital Costs are Latest Jolt to Seniors Housing Sector

As if seniors housing developers and operators did not have enough difficulties rebounding from the pandemic, what with constrained occupancy, elevated expenses and staffing shortages plaguing the sector, they are now navigating an environment where the rising cost of capital…

 

Unitranche Loans Offer Competition with Debt Funds

Unitranche loan programs blend senior and junior debt pricing and terms into a single, first lien debt facility — a single financing that replaces the multitranche debt approach. The unitranche arrangement provides the benefits of a fully levered mezzanine debt…

KeyBank Launches $750M Healthcare Real Estate Fund with Welltower

CLEVELAND — Cleveland-based KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp (NYSE: KEY), has established a new unitranche loan program with Toledo-based Welltower Inc. The healthcare real estate fund will total $750 million in lending capacity…

Seniors Housing Sales Pick Up as Recovery Gains Steam

As the seniors housing industry slowly recovers from occupancy declines and disrupted operations due to COVID-19, investors are back in the market hunting for deals. Some $3.2 billion in seniors housing and care facilities traded hands in the second quarter…

KeyBank Provides Fannie Mae Financing for Enlivant Portfolio

CHICAGO — KeyBank Real Estate Capital (KBREC) has provided Fannie Mae financing for a multistate portfolio of properties operated by Enlivant, a Chicago-based owner-operator. The loan provides long-term, nonrecourse debt. The Fannie Mae financing was completed in conjunction with KeyBank…

KeyBank Arranges $10M Financing for Affordable Community in Wichita

WICHITA, Kan. — KeyBank Community Development Lending and Investment (CDLI) has secured $10 million of construction and permanent financing for an affordable seniors housing property in Wichita. The borrower is Denver-based Steele Properties, which will use the funds to acquire…

KeyBank Provides $145M Credit Facility for ReNew REIT

TOLEDO, Ohio — KeyBank Real Estate Capital has provided a $145 credit facility through Fannie Mae for ReNew REIT, a Toledo-based, non-traded seniors housing investor. The credit facility is secured by eight seniors housing communities spread across eight separate states.…