TOLEDO, Ohio — KeyBank Real Estate Capital’s healthcare lending platform has provided over $159 million in acquisition financing to ReNew Investors and affiliated entities.
The loans allow the borrowers to purchase eight seniors housing communities in Michigan, Pennsylvania and Virginia. The portfolio features 813 units of independent living, assisted living and memory care. The specific names and locations of the properties were not disclosed.
The financing package comprises $85 million in Fannie Mae loans, $16 million in Freddie Mac loans and a $58 million bridge loan.
Laura Conway and Brandon Taseff of Key’s Institutional Real Estate Healthcare Group led the financing of the balance sheet lending products, and teamed with Charlie Shoop of Key’s Healthcare Banking Commercial Mortgage Group for the permanent financing with Fannie Mae and Freddie Mac.
KeyBank established a corporate lending relationship with ReNew in 2018, acting as lead arranger and administrative agent for the company’s inaugural $100 million corporate credit facility. That credit was increased to $150 million at the end of last year. The recent financings were comprised of a mix of fixed- and floating-rate debt, all with extended interest-only payments.
ReNew is a privately held company investing in independent living, assisted living and memory care communities.
ReNew is headquartered in Toledo and invests in private-pay seniors housing across the United States. ReNew’s current portfolio features 61 communities totaling 5,645 units in 11 states.