KeyBank Real Estate Capital (KBREC) secured four Federal Housing Authority (FHA) loans totaling $82.2 million for the Northwind Group, a New York City-based real estate private equity firm that focuses on residential, commercial and senior living properties. Loan proceeds were used to pay off the remaining balance of a $133 million bridge loan KeyBank provided Northwind to fund the acquisition of eight skilled nursing and assisted living properties. Four of the facilities, located in Ohio and Kentucky, have a total of 534 licensed beds:
- $16.7 million for the 114-bed Dayspring of Miami Valley in Fairborn, Ohio, built in 1997;
- $19.4 million for the 140-bed Hillspring of Springboro (Ohio), built in 1999;
- $22.9 million for the 140-bed Villaspring of Erlanger (Ky.), built in 2000; and
- $23.2 million for the 140-bed Shawneespring of Harrison (Ohio), built in 2006.
The transactions closed using FHA’s 232/223(f) mortgage insurance program.
“Through a turbulent market, KeyBank provided a seamless bridge to HUD financing on all eight of our Carespring properties in metrics that have outperformed our original underwriting,” said Ran Eliasaf, Managing Partner of Northwind Group. “It was a true pleasure working with Henry, John and the entire KeyBank team, and we look forward to our next transaction with them.”