KeyBank Provides $28M Financing for Three Assisted Living Properties in Pennsylvania

LANDISVILLE, MILLERSVILLE and KULPMONT, Pa. — KeyBank Real Estate Capital has provided $28 million in HUD-insured financing for Persimmon Ventures.

The borrower will use the funds to refinance existing debt on three assisted living and memory care communities: $16 million for Oak Leaf Manor North in Landisville; $8 million for Oak Leaf Manor South in Millersville; and $4 million for Serenity Gardens in Kulpmont.

Built in 1994, the 135-bed Oak Leaf Manor North is a two-story building comprising 115 units. The 82-bed Oak Leaf Manor South, built in 1987, is a one-story building comprising 59 units. Built in 2000, the 85-bed Serenity Gardens is a one-story building comprising 45 units.

Patrick Shearer of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged the financing.