KeyBank Provides $65.9M Freddie Mac Financing for Two Communities in Western New York

ORCHARD PARK and PITTSFORD, N.Y. — KeyBank Real Estate Capital has originated a total of $65.9 million in Freddie Mac financing for two seniors housing properties in Western New York.

In the first transaction, KeyBank secured a $45.8 million first mortgage loan for Orchard Heights in Orchard Park, located south of Buffalo. Built in 1992 and renovated in 2016, the two-story apartment building features 114 assisted living units, 32 independent living units and 16 memory care units.

In the second transaction, KeyBank originated a $20.1 million first mortgage loan for Heather Heights of Pittsford in Pittsford, just southest of Rochester. Built in 1999, the property includes 72 assisted living units and 24 memory care units.

Carolyn Nazdin of KeyBank’s Healthcare Group arranged the fixed-rate loans with 15-year terms, five-year interest-only periods and 30-year amortization schedules. Both loans were used to refinance existing debt.

Although the borrower was not disclosed, both properties are affiliated with Hamister Group LLC, a Buffalo-based healthcare and hotel manager.