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Senior Housing Finance Activity: KeyBank, Lancaster Pollard

KeyBank Provides $192.5 Million For Texas Seniors Housing Portfolio

Cleveland-based KeyBank Real Estate Capital has provided $192.5 million in Freddie Mac financing to Kayne Anderson Real Estate Advisors for a six-property seniors housing portfolio located throughout Texas.

Charlie Shoop and Caleb Marten of KeyBank’s Commercial Mortgage Group structured the fixed rate loans that included 10-year interest only terms, which refinanced a bridge loan provided by KeyBank, which was required to consummate the purchase of the communities.

Paul DiVito, Mark Amantea and Eric Hafertepen of Key’s Healthcare Group provided the bridge loan financing for the acquisition which closed within 30 days of application.

The Texas-based seniors housing communities were built between 2006-2008 and total 1,238 units.

CBRE Capital Markets Arranges Financing for Westmont Living

CBRE National Senior Housing has arranged financing on behalf of Westmont Living for Westmont Town Court.

Aron Will, vice chairman of CBRE National Senior Housing and Andrew Behrens, vice chairman of CBRE Multifamily Institutional Group, originated the loan. CBRE, through its Freddie Mac Seller Servicer direct lending program, secured a $29.8 million, 10-year fixed rate loan with 60 months of interest only.

Westmont Town Court is a 144-unit independent/assisted living and memory care facility located in Escondido, California. Westmont originally purchased the property in December of 2012. Upon acquisition, Westmont deployed significant capital expenditures over a three-year period to fully renovate the property and convert 22 units into a secured memory care wing.

Today the community is 92% occupied and a market leader in Escondido.

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Lancaster Pollard Provides Fannie Mae Loans to Ohio, Arizona-Based Communities

Columbus, Ohio-based Lancaster Pollard has closed two separate Fannie Mae Senior Housing financings.

The first transaction was a $51.2 million loan that refinanced construction debt for The Plaza at Waikiki, a senior living community. The Plaza is owned by MW Group, which focuses on acquiring, investing, developing, renovating, leasing and managing commercial real estate throughout the Hawaii islands.

The loan closed in less than 30 days from a loan application and puts in place a permanent debt structure with an interest-only feature, according to Stephen Metter, CEO at MW Group.

Jason Dopoulos, Doug Harper and Casey Moore led this transaction for Lancaster Pollard.

In the second transaction, Lancaster Pollard assisted Frontier Management with a $5.85 million refinance loan of a 52-unit dedicated memory care community in Green Valley, Arizona.

The Fannie Mae transaction refinances maturing debt, with a long-term, 15-year loan, according to Greg Roderick, president and CEO of Frontier Management.

Doug Harper and Casey Moore led the effort for Lancaster Pollard on the second closing.

Written by Carlo Calma



Article source: https://seniorhousingnews.com/2017/12/04/senior-housing-finance-activity-keybank-lancaster-pollard/

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