KeyBank Provides $145M Credit Facility for ReNew REIT

by Jeff Shaw

TOLEDO, Ohio — KeyBank Real Estate Capital has provided a $145 credit facility through Fannie Mae for ReNew REIT, a Toledo-based, non-traded seniors housing investor.

The credit facility is secured by eight seniors housing communities spread across eight separate states. The specific locations were not disclosed except for Sunshine Villa in Santa Cruz, California.

The initial draw on the credit facility includes a 10-year term and provides expansion and borrowing features that allow ReNew to access additional financing proceeds through the existing collateral pool or by adding new properties to the pool.

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, which was subsequently increased to $150 million in December 2018.

Charlie Shoop of Key’s Commercial Mortgage Group arranged the financing.

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