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CLEVELAND — Cleveland-based KeyBank Real Estate Capital has closed a $90.8 million FHA 232/223(f) loan for the refinancing of a portfolio of seniors housing properties in Texas.
The portfolio consists of eight properties totaling 541 units and 1,063 beds across various markets in Texas. The FHA loan proceeds were used to pay off the balance of a $315 million bridge loan, which was provided by a KeyBank-led syndicate and used to fund the acquisition of 30 Texas-based skilled nursing facilities.
The borrower was a joint venture led by Capital Senior Ventures and BlueMountain Capital Management. Grant Saunders and Peter Trazzera of KeyBank structured the initial syndicated bank loan.