KeyBank Funds $17M HUD Refinancing for Two Bickford Properties in Iowa

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 care.

The loan, which was closed using the U.S. Department of Housing and Urban Development’s 232/223(f) mortgage insurance program, is structured with a fully amortizing, 35-year term.

John Randolph of KBREC’s Commercial Mortgage Group and Grant Saunders of Key’s Healthcare Finance Group structured the financing.