Brunswick Pointe Transitional Care
KeyBank Real Estate Capital (KBREC) secured a fixed-rate $10.5 million U.S. Federal Housing Administration (FHA) loan for Foundations Health Solutions, a North Olmsted, Ohio-based, long-term care company.
Built in 2017, the 90-bed Brunswick Pointe Transitional Care is the newest facility in its primary market providing 24/7 skilled nursing care. Services also include physical, occupational and speech therapy, as well as wellness programs, dining and nutrition services, and personal care assistance.
The 35-year loan, which was closed using the FHA 232/223(f) mortgage insurance program, is fully amortizing. Loan proceeds were used to pay off a construction loan and fund replacement reserves. Foundations Health Solutions realized more than $140,000 in annual debt-service savings as a result of this refinance. This financing also marks the tenth transaction between KeyBank and Foundations Health Solutions.