KeyBank Lends $36M for Four Properties; Former ManorCare SNF Sells for $5.8M

KeyBank Secures $36.3M in Ohio for Foundations 

KeyBank Real Estate Capital financed Foundations Health Solutions’ $36.3 million acquisition of four skilled nursing facilities in Ohio, the lender announced earlier this week.

The 442-bed portfolio is spread across the Buckeye State, with the properties built between 1961 and 1984. KeyBank funded the deal through the Federal Housing Administration’s 232/223(f) program, with the money helping to pay down part of an $87.5 million bridge loan for Foundations.

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KeyBank’s John Randolph, Henry Alonso, and Brandon Taseff led the transaction.

Former ManorCare Building Sells for $5.8 Million

A former HCR ManorCare building in the Chicago exurbs has a new owners.

ManorCare Health Services-Kenosha, in Kenosha, Wis., sold to Paradox Kenosha Property, LLC for $5.8 million, according to a report from BizTimes of Milwaukee.

The Evanston, Ill.-based Paradox bought the building from Welltower Inc. (NYSE: WELL), which acquired the entire ManorCare portfolio from former owner Quality Care Properties earlier this year.

Defunct Maine Nursing Home to Sell Online

An online auction will determine the new owners of the former Penobscot Nursing Home in Penobscot, Maine.

The nursing home itself entered receivership about a decade ago, with owners the Betlins Corporation now looking to sell after a series of lawsuits and a foreclosure motion in June, the local Castine Patriot reported.

The Betlins Corporation bought the property for a loss, its owners told the paper, and plans to sell it as abandoned. Interested buyers can bid on the property over the course of a week as part of an online auction event, and the land is zoned for both commercial and residential use.

Christine Hayward, who runs the Betlins Corporation, told the Castine Patriot that she’d like to see the land zoned as small apartments for students and young families.

Written by Alex Spanko

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