KeyBank Provides $202.1M Freddie Mac Refinancing for Independent Living Portfolio in Texas

HOUSTON, DALLAS and AUSTIN, Texas — KeyBank Real Estate Capital has provided $202.1 million in Freddie Mac financing to a joint venture between Kayne Anderson Real Estate Advisors and Discovery Senior Living.

The loan will refinance a previous loan for the joint venture’s Conservatory Senior Living communities, a five-property independent living portfolio located in the Houston, Dallas and Austin metros.

Totaling 1,053 units, the Class A communities were all built between 2005 and 2007. Each community houses between 188 and 237 units.

Charlie Shoop and Carolyn Nazdin of KeyBank’s Healthcare Mortgage Group worked in conjunction with Paul DiVito of KeyBank’s Healthcare Real Estate Group to arrange the non-recourse, 10-year, adjustable-rate financing.