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MinnesotaSeniors Housing

KeyBank Real Estate Capital closes $31 million in term debt for pair of seniors communities in Minnesota

Staff Writer April 4, 2017
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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.

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