Next Gen Portfolio
KeyBank Real Estate Capital (KBREC) secured two fixed-rate Federal Housing Authority (FHA) loans totaling $26 million for a private equity sponsor. The uses of FHA insured loan proceeds were to refinance bank debt encumbered by two skilled nursing facilities in West Virginia and Pennsylvania:
- $18.6 million for the 78-bed Shenandoah Center in Charles Town, W.Va.; and
- $7.5 million for the 110-bed Gettysburg Center in Gettysburg, Pa.
Both facilities are part of an acquisition financing that Key Bank initially funded for the sponsor. The transactions closed using FHA’s 232/223(f) mortgage insurance program.