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 in Waco
- Heartis Peoria in Peoria
Grant Saunders and Zach Shulkin of KeyBank Real Estate Capital’s Healthcare Group and Jon Voight of KeyBanc Capital Markets-Real Estate Syndications structured and syndicated the financing.