Two skilled nursing portfolios in Texas and Nevada secured financing from KeyBank Real Estate Capital totaling $127.7 million. The loans serve as a bridge to Department of Housing and Urban Development (HUD) financing for the portfolios.
The SNF portfolios are joint ventures led by Capital Senior Ventures and BlueMountain Capital Management.
For the 16-property Texas portfolio, a $105.8 million loan was used to facilitate the acquisition of 12 SNFs and to refinance existing debt for four SNFs. The portfolio has 1,924 beds. In Nevada, a $21.9 million loan was used to facilitate the acquisition of three SNFs with 359 beds in Las Vegas and Carson City.
Both financings were arranged by Grant Saunders and Peter Trazzera of Key’s Commercial Mortgage Group.
HUD lending in the skilled nursing space during the year has been fairly normal compared with prior years, and larger portfolios have been hitting the market as real estate investment trusts (REITs) and established players sell off their skilled nursing assets.
Written by Maggie Flynn