KeyBank Real Estate Capital recently originated $31.75 million in Fannie Mae term debt for two Minneapolis/St. Paul-based senior housing communities.
Mortgage banker Charlie Shoop secured the financing on behalf of Key for Toronto, Ontario-based BayBridge Seniors Housing in conjunction with local operator and JV partner Keystone Communities.
The financing, which represents a new agency relationship for Key, allowed BayBridge/Keystone to refinance existing debt at current low long-term fixed interest rates and provided additional growth capital for the sponsor.
The properties involved were the Keystone Communities of Eagan, a 129-unit IL/ALF community in Eagan, Minn., and the Keystone Communities of Prior Lake, a 107-unit IL/ALF community located in Prior Lake, Minn.
