KeyBank Real Estate Capital has secured $88 million of financing in Federal Housing Authority loans for the Northwind Group, based in New York, to pay down a portion of a bridge loan KeyBank provided that was used to fund the acquisition of eight healthcare properties. The financing is for four of the eight properties – three skilled-nursing facilities and one assisted-living facility – in Ohio and Kentucky:
• $26 million for the 189-bed Eastgatespring of Cincinnati that was built in 1985 and renovated in 2005 and 2006;
• $18 million for the 144-bed Heritagespring of West Chester (Ohio) that was built in 2004;
• $23 million for the 140-bed Highlandspring of Fort Thomas (Ky.) that was built in 1993; and
• $21 million for the 110-bed Barrington of Fort Thomas (Ky.) that was built in 1999.
Financing for the properties was closed using the U.S. Department of Housing and Urban Development’s 232/223(f) mortgage insurance program.
Henry Alonso of KBREC’s Healthcare Finance team and John Randolph of KBREC’s Commercial Mortgage Group arranged the financing.