Dealmaker: KeyBank Real Estate Capital Secures $82M for Healthcare, Multifamily

KeyBank Real Estate Capital, Cleveland, secured $81.6 million in financing for healthcare and apartment assets in New York and Arizona.  

In Queens, N.Y., KBREC arranged $40 million of fixed-rate financing for a group of investors who own and operate skilled nursing facilities to refinance the Margaret Tietz Nursing & Rehabilitation Center. Built in 1971 with an addition in 1975, the healthcare facility’s six-story building houses 200 beds in 170 units.

The new mortgage, closed using HUD’s 232/223(f) mortgage insurance program, was structured with a fully amortizing 35-year term.

John Randolph of KBREC’s Commercial Mortgage Group and Henry Alonso of KeyBank’s Institutional Real Estate Group structured the financing.

KBREC also secured $41.6 million in financing for Keller Investment Properties, Centerville, Utah, which refinanced The Lodge Luxury Apartment Homes in Flagstaff, Ariz.

The 252-unit Lodge Luxury Apartment Homes dates to 2004 and houses 18 three-story buildings on 16 acres.

Brian Caudel of KBREC’s Commercial Mortgage Group and Chris Jewett of KBREC’s Income Property Group secured the 10-year fixed-rate financing from Freddie Mac, McLean, Va. The loan included five years of interest-only payments and a 30-year amortization schedule.