KeyBank Real Estate Capital has secured $11 million of financing in Federal Housing Authority loans for Foundations Health Solutions, based in North Olmsted, Ohio, to pay down a portion of a bridge loan KeyBank provided that was used to fund the acquisition of nine healthcare properties.
The financing is for one of the nine properties – McNaughten Point Nursing and Rehabilitation in Columbus, Ohio. The 150-bed facility was built in 1968 and renovated in 1995 and 2007.
Financing for the property was closed using the U.S. Department of Housing and Urban Development’s 232/223(f) mortgage insurance program.
To date, KeyBank has closed $47 million of FHA financing for the nine-property portfolio.
John Randolph of KBREC’s Commercial Mortgage Group and Henry Alonso and Brandon Taseff of KBREC’s Healthcare Finance team arranged the financing.
