Dealmaker: KeyBank Secures $226M for Medical, Multifamily Assets

KeyBank Real Estate Capital, Cleveland, secured $127 million for a New York medical facility and $98.7 million for multifamily properties in four states.

In New York, KeyBank secured $127 million in FHA 232/223(f) financing for Upper East Side Rehabilitation and Nursing Center, a 499-bed skilled nursing facility. The transaction was the largest single-asset financing insured by HUD within the FHA 232 program.

The new FHA loan paid off an interim acquisition bridge loan KeyBank had syndicated. Proceeds also funded more than $7 million in capital expenditure improvements made to the property.

John Randolph from Key’s FHA Commercial Mortgage Group and Henry Alonso and Brandon Taseff from Key’s Healthcare Group arranged the financing.

KeyBank Real Estate Capital also originated $98.7 million in Fannie Mae and Freddie Mac funds for apartment assets in Tennessee, Texas, North Carolina and Alabama.

In Nashville, Robert Prouty of Key’s Commercial Mortgage Group originated a $39.9 million Fannie Mae first mortgage loan for Peyton Stakes, a 249-unit community that delivered last year. The fixed-rate financing came with a 10-year interest-only term.

The firm also originated a $21.4 million Fannie Mae first mortgage for Madison at Melrose Apartment Homes in Richardson, Texas. The 200-unit property was built in 1995.

Caleb Marten of Key’s Commercial Mortgage Group arranged the fixed-rate financing with a 10-year term, five-year interest-only period and 30-year amortization schedule. 

Tim DeWispelaere of Key’s Commercial Mortgage Group arranged $37.4 million for two multifamily properties in North Carolina and Alabama, including a $21.1 million loan secured by Hawthorne at New Centre in Wilmington, N.C. The 1998-vintage property was renovated in 2014. Freddie Mac, McLean, Va., supplied a 10-year loan with five years of interest-only payments and a 30-year amortization schedule.

In Hoover, Ala., Fannie Mae supplied a $16.3 million fixed-rate loan secured by Hawthorne at Wisteria, a 200-unit garden-style property. The property was built in 1978 and underwent interior and exterior improvements in 2015.