KeyBank Arranges $93.75M for Seniors Housing Portfolio in NY

by Jeff Shaw

JERICHO, N.Y. — KeyBank Real Estate Capital has provided $93.75 million in Fannie Mae loans to finance a portfolio of four assisted living communities on behalf of NorthStar Healthcare Income Inc., a public, non-traded REIT.

NorthStar acquired the 570-unit portfolio, located on Long Island, in September of 2014. The properties include The Arbors at Bohemia, The Arbors at Islandia, The Arbors at Hauppauge and The Arbors at Westbury, located in Jericho, and are 100 percent leased to Arcadia Management Inc. Monique Bimler of KeyBank’s Healthcare Mortgage Banking Team arranged the financing for the investment.

In addition, KeyBanc Capital Markets arranged a $100 million revolving credit facility for NorthStar, with the option to upsize the facility through an accordion feature up to $200 million.  The facility is used to finance real estate investments and first mortgage loans secured by healthcare real estate. KeyBank National Association is the administrative agent.

You may also like