KeyBank

KeyBank Seniors Housing Sales Shoop

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 this year, a year-over-year increase of a whopping 122 percent, according to Real Capital Analytics, which tracks real estate deals of $2.5 million or more. The jump in sales is hardly surprising when compared to the pandemic-riddled prior period. But unlike past downturns, the fact that seniors housing has become …

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LIVERMORE, Calif. — KeyBank Real Estate Capital secured a $10.2 million fixed-rate loan to refinance debt on Livermore Healthcare, a skilled nursing facility in Livermore, located east of San Francisco Bay. KeyBank provided the funds through the Federal Housing Authority (FHA) 232/223(f) mortgage insurance program for Eagle Arc Partners, a health care real estate investment firm. The loan is structured with a fully amortizing, 35-year term. FHA loan proceeds were used to pay down an interim bridge loan. A KeyBank-led bank syndicate provided the original acquisition financing for a portfolio …

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ILLINOIS and TEXAS — KeyBank Real Estate Capital has arranged $105.9 million in financing to recapitalize a portfolio of six assisted living and memory care properties. The portfolio features 631 units operating under the Heartis brand. The borrower is Dallas-based Caddis Partners. The financing structure consisted of an $80 million syndicated senior credit facility and a $25.9 million mezzanine loan provided by an institutional partner. The portfolio includes: Heartis Clear Lake in Clear Lake Heartis Longview in Longview Heartis San Antonio in San Antonio Heartis Arlington in Arlington Heartis Waco …

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NEW HAVEN, Conn. — KeyBank has funded a $37.5 million financing package for Community Preservation Partners (CPP) and Hampstead Development Partners, which will use the funds to acquire and renovate an affordable seniors housing property in New Haven. Originally built in 1973, Fairbank Apartments, a Section 8 property on one acre of land, consists of 121 units (106 one-bedroom and 15 two-bedroom) and one ground-level retail bay in a nine-story building. KeyBank operates a branch out of the retail space. The property will have a Housing Assistance Payments (HAP) contract …

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CANONSBURG, Pa. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team …

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DAVENPORT and MARION, Iowa — KeyBank Real Estate Capital (KBREC) has secured $17 million of fixed-rate Federal Housing Administration loans for Bickford Senior Living, a senior living owner and operator based in Olathe, Kansas. The loans will refinance debt for Bickford of Davenport and Bickford of Marion, both located in Iowa. The buildings each were built in 1998 on 2.5 acres. Bickford of Davenport comprises 42 beds, 35 for assisted living and seven for memory care. Bickford of Marion comprises 38 beds, 31 for assisted living and seven for memory …

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LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures. Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that are operated by Covenant Care. Silver Hills, originally built in 1998 and renovated in 2013, comprises 150 operating beds (80 units) and provides physical, speech …

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Morgin Morris Keybank Rates

Amid the uncertainty of 2020, multifamily real estate portfolios as a whole outperformed expectations. However, seniors housing faced unique operational challenges during a pandemic that has been particularly devastating to older populations. The government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, were instrumental in keeping liquidity in the housing market. Entering 2021, the agencies continue their focus on mission-based lending to increase affordable housing, including in the seniors housing sector. Capital markets experts Angela Mago, president of Key Commercial Bank and Real Estate Capital and member of the executive leadership …

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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 Real Estate Capital’s extension of revolving lines of credit to other properties operated by Enlivant. Charlie Shoop of Key’s Commercial Mortgage Group led the financing for Key. Tim Sylvain, Paul Di Vito and Patrick Gilbreath of Key’s Healthcare Finance Group originated and structured the balance sheet financing on behalf of …

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BRUNSWICK, Ohio — KeyBank Real Estate Capital has secured a $10.5 million FHA 232/223(f) loan for the refinancing of Brunswick Pointe Transitional Care in Brunswick, about 20 miles southwest of Cleveland. Built in 2017, the 90-bed skilled nursing facility offers short- and long-term care, physical, occupational and speech therapy, as well as wellness programs, dining and nutrition services, and personal care assistance. John Randolph and Henry Alonso of KeyBank structured the fixed-rate, 35-year loan on behalf of the borrower, Foundations Health Solutions. Loan proceeds were used to pay off a …

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