Commercial Mortgage Production

On August 24, 2026, Ridge Care Senior Living, Inc. (Ridge Care or the Company) completed the sale of a portfolio of six stabilized seniors housing communities to Ventas Healthcare Realty LLC (Ventas). The seniors housing portfolio offered a full continuum of care across 542 beds in North Carolina and South Carolina. KeyBanc Capital Markets served as Exclusive Sell-Side Advisor to Ridge Care. 

Ridge Care is a privately held and vertically integrated developer, owner and operator of seniors housing communities. Prior to the transaction, Ridge Care owned and operated nine communities, which offered independent living, assisted living, memory care and respite care. The Company is headquartered in Kernersville, North Carolina, less than a four-hour drive from all of Ridge Care’s communities. The senior leadership team is able to visit each community regularly and create personal connections with those who live and work there. Through these visits, management seeks firsthand feedback, enabling a high standard of care.

Ventas (NYSE: VTR) is an S&P 500 company enabling exceptional environments that benefit a large and growing aging population. Prior to the transaction, Ventas had approximately 1,450 properties in North America and the United Kingdom. The firm’s growth is fueled by its more than 900 seniors housing communities, which provide valuable services to residents and enable them to thrive in supported environments.

The transaction includes a $16,545,000 ($72,566/unit) non-recourse, first mortgage loan secured by a 228-unit affordable housing apartment complex known as VIA, located in Albuquerque, New Mexico. VIA was originally built in 1974. The subject improvements consist of 17 two-story residential buildings, one clubhouse building and one maintenance building, situated on 12.78 acres of land. The property will be rent- and income-restricted under the LIHTC, in which 102 units are restricted to 60% AMI. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a seven-year term, and subsequent to a four-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $44,951,000 ($138,737/unit) non-recourse, first mortgage loan secured by a 324-unit, garden-style apartment complex known as Pointe Grand Byron, located in Byron, Georgia. Pointe Grand Byron was built in 2024 and consists of 10 three-story apartment buildings. The property offers two-bedroom units of 1,170 square feet, located on 20.05 acres of land. The loan will be used for refinancing the existing debt of the property. The loan is structured with a seven-year term, and subsequent to a four-year interest-only period, amortizes on a 35-year schedule.

The transaction includes a $16,640,000 ($69,046/unit) non-recourse, first mortgage loan secured by a 241-unit affordable housing apartment complex known as Mont 44, located in Albuquerque, New Mexico. Mont 44, was originally built in 1973. The subject improvements consist of 24 two-three story residential buildings, one clubhouse building and one pool shed building, situated on 16.39 acres of land. The property will be rent- and income-restricted under the LIHTC, in which 110 units are restricted to 60% AMI. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a seven-year term, and subsequent to a four-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $15 million ($70,422/unit) non-recourse, first mortgage loan secured by a 213-unitpad MHC known as Lithia Springs Estates, located in Lithia Springs, Georgia. Lithia Springs Estates was built in 1972 and consists of eight Park Owned Homes (“POHs”) and 35 POH units that have a Lease w/ Purchase Option (“LPO”), which equates to 20.18% of the total available pads, located on 45 acres of land. The proposed loan will be used for refinancing the existing debt of the property. The loan is structured with a five-year term, and subsequent to a two-year interest-only period, amortizes on a 30-year schedule.

KeyBank Real Estate Capital and Blueprint Healthcare Real Estate provided $17.25 million in acquisition financing for Bethel Retirement Community, a 198-unit independent living and assisted living community in Modesto, California. The Sponsor, Alta-Northstar Senior Living, selected a five-year term with an earnout at first mortgage pricing with a national Life Company.

KeyBank Real Estate Capital has arranged $185 million in new Freddie Mac loans for Brookdale Senior Living Inc. (NYSE: BKD). Acting proactively, KeyBank and Brookdale refinanced pending 2027 debt maturities of Brookdale into new fixed-rate financing at an attractive rate of 5.38%. The new Freddie Mac debt is secured by seven seniors housing communities located on the West Coast. “Brookdale continues to address its debt maturities proactively, and this refinancing extends a portion of our 2027 maturities by six years to 2033 at economically similar terms,” said Dawn Kussow, Brookdale’s Chief Financial Officer. “This refinancing demonstrates the continued confidence our lending partners have in Brookdale’s business, communities, and long-term strategy. We extend our gratitude to Freddie Mac and KeyBank for their continued support and partnership.”

KeyBank Real Estate Capital and Blueprint Healthcare Real Estate provided $11 million in acquisition financing for The Villages of Windcrest, an 81-unit assisted living and memory care facility in Fredericksburg, Texas. The Sponsor, Senior Living Transformation Company (SLTC), selected a five-year term with an earnout at first mortgage pricing with a national Life Company.

The transaction includes an $18 million ($139/sf) non-recourse, first mortgage loan secured by a 135,600 square-foot, 1,996-unit self-storage facility known as Stop & Stor Bay Ridge (“Subject”), located in Brooklyn, New York. Stop & Stor is a Class A self-storage facility with 129,187 rentable square feet configured in 1,996 climate-controlled units, ranging in size from 12 square feet to 660 square feet. The Subject consists of one two-level, plus basement and two mezzanine level, building situated on a 1.105-acre site. The improvements were built in 1931 and converted to self-storage use in 2000. The proposed loan will be used for refinance of the property. The loan is structured with a 10-year term, and subsequent to a 10-year interest-only period.

The transaction includes a $17,967,000 ($139,279/unit) non-recourse, first mortgage loan secured by a 129-unit pad RV resort known as Little Arrow Outdoor Resort, located in Townsend, Tennessee. Little Arrow Outdoor Resort was built in 1986, and consists of 11, seven tenant buildings, a cabana, coffee lounge and employee lookout pavilion building situated on a 57.77-acre site. The proposed loan will be used for acquisition of the property. The loan is structured with a five-year interest-only term.

The Campus transaction includes a $19,250,000 ($68/sf) non-recourse, first mortgage loan secured by a portfolio consisting of six buildings (four office and two industrial-flex), totaling 281,320 square feet of NRA (“Subject”), located in West Chester, Pennsylvania. The proposed loan will be used for refinance of the property. The loan is structured with a 10-year term, and subsequent to a 10-year interest-only period.

On May 1, 2026, KeyBank closed on a new $200 million credit facility (the Facility) for the Virtus Real Estate Enhanced Core Fund (VREEC). KeyBank serves as the Joint Lead Arranger and Administrative Agent for the Facility. 

VREEC is an open-end, core real estate fund focused on acquiring high-quality, stabilized properties, including workforce housing, healthcare, student housing, self-storage, and education sectors. VREEC is sponsored and managed by Austin, Texas-based Virtus Real Estate Capital.