Victorian Post Acute
Bridge, FHA 232/223(f)
KeyBank Real Estate Capital (KBREC) secured a $21 million Federal Housing Authority (FHA) bridge loan for BM Eagle Holdings, LLC, a real estate investment management platform based in New York, for a skilled nursing facility in San Francisco.
Built in 1968 and renovated in 2018, the 90-bed, full-service Victorian Post Acute offers 24-hour licensed nursing care and in-house physical, occupational and speech therapy. In addition to clinical services, the five-star-rated facility provides doctor visits, social and religious services, nutrition, transportation and a beautician.
The transaction was closed using FHA’s 232/223(f) mortgage insurance program. In 2017, a KeyBank-led syndicate originally provided the acquisition financing for a multi-asset skilled nursing portfolio of which Victorian Post Acute is part.