NEXT Skilled Nursing Portfolio
|Size||$41 Million||Our Role||Lender|
KeyBank Real Estate Capital (KBREC) secured three fixed-rate Federal Housing Authority (FHA) loans totaling $41 million for a private equity sponsor. The uses of FHA-insured loan proceeds were to refinance bank debt encumbered by three skilled nursing facilities in New Jersey and Pennsylvania:
- $9.3 million for the 154-bed Cranbury Center in Monroe Township, N.J., which was built in 1996;
- $12.7 million for the 116-bed North Cape Center in Cape May, N.J., which was built in 1995; and
- $19 million for the 130-bed Sanatoga Center in Pottstown, Pa., which has built in 1993.
All three of the two-story facilities are part of an acquisition financing that KeyBank initially funded for the sponsor. The transactions closed using FHA’s 232/223(f) mortgage insurance program.