Dealmaker: KeyBank Real Estate Capital Arranges $431M

KeyBank Real Estate Capital, Cleveland, arranged $431.4 million for senior housing, retail and multifamily assets.

The firm secured $291 million for Apollo Global Management affiliates to purchase 17 senior housing properties. The Freddie Mac loan closed in two tranches 30 days apart and provided variable-rate financing along with flexible prepayment provisions.

KeyBank’s Healthcare Commercial Mortgage Group closed the final loan tranche on November 1. Senior Vice President of Healthcare Mortgage Banking Charlie Shoop led the bank’s financing team in conjunction with KeyBank Institutional Real Estate Group Senior Vice President Tim Sylvain and Vice President Brandon Taseff.

Eclipse Senior Living, Lake Oswego, Ore., will manage the 2,193-unit portfolio.

KeyBank Real Estate Capital also provided an $82 million bridge loan to Desert Troon to refinance an existing KeyBank balance sheet loan. Superstition Gateway, a 386,000-square-foot shopping center in Mesa, Ariz., secured the loan. The property is anchored by Kohl’s department store, Ross Dress for Less, Bed Bath & Beyond and AMC theaters and is shadow-anchored by a Walmart Supercenter.

Key Commercial Mortgage Group Vice President John Loshbaugh arranged the non-recourse floating-rate loan that took out the property’s original 10-year commercial mortgage-backed securities loan.

In Flagstaff, Ariz., Key Commercial Mortgage Group Vice President Paul Angle arranged $58.4 million in non-recourse Freddie Mac financing for a three-property multifamily portfolio. The 10-year interest-only fixed-rate loans refinanced existing debt.

The portfolio’s three garden-style apartment communities total 509 units. The properties included Country Club Terrace Apartment Homes, Country Club Meadows Apartment Homes and Country Club Vista Apartment Homes.