KeyBank Provides $88M HUD Refinancing for Four-Property Portfolio in Ohio, Kentucky

CINCINNATI, WEST CHESTER, Ohio, and FORT THOMAS, Ky. — KeyBank Real Estate Capital (KBREC) has provided $88 million in HUD financing to Northwind Group for the refinancing a four-property seniors housing portfolio.

The funds will be used to pay down a portion of a bridge loan KeyBank provided for the acquisition of eight healthcare properties. The financing is for four of the eight properties in Ohio and Kentucky:

  • $26 million for the 189-bed Eastgatespring of Cincinnati, built in 1985 and renovated in 2005 and 2006.
  • $18 million for the 144-bed Heritagespring of West Chester that was built in 2004.
  • $23 million for the 140-bed Highlandspring of Fort Thomas that was built in 1993.
  • $21 million for the 110-bed Barrington of Fort Thomas that was built in 1999.

Henry Alonso of KBREC’s Healthcare Finance team and John Randolph of KBREC’s Commercial Mortgage Group arranged the financing.