KeyBank Funds $33M HUD Refinancing for 199-Bed Skilled Nursing Facility in the Bronx

NEW YORK CITY — KeyBank Real Estate Capital has provided $33 million to refinance the Bronx Gardens Rehabilitation and Nursing Center, a 199-bed skilled nursing facility in the Bronx built in 1994.

The HUD loan features a fixed rate, non-recourse and a 35-year, fully amortizing repayment schedule.

The borrower is Citadel Care Centers. Primary uses of loan proceeds were to fully repay a KeyBank acquisition term loan and to fund in excess of $500,000 of repairs and improvements to the property. The building is subject to a long-term ground lease with an unrelated third-party land owner. 

The KeyBank deal team consisted of John Randolph from KeyBank’s FHA Mortgage Banking team and Henry Alonso and Brandon Taseff from KeyBank’s Healthcare Banking team.