The Lodges Care Center
KeyBank Real Estate Capital (KBREC) secured a $6.3 million fixed-rate Federal Housing Administration loan for DLTC Healthcare, LLC, a Rockport, Maine-based operator of 16 healthcare facilities in Maine, to refinance a healthcare property in Springvale.
The Lodges Care Center provides intermediate care needs – such as local transportation, dietary services, housekeeping, laundry and activities – to residents in its 57 beds in 37 units. Originally built in 1979, additions to the property were added in 1995 and 2005. In 2018, 2,000 square feet were added for a new dining room.
The loan, which refinanced a KeyBank cash-out bridge loan, was closed using the U.S. Department of Housing and Urban Development’s 232/223(f) mortgage insurance program and is structured with a fully amortizing 35-year term.