KeyBank Real Estate Capital has agreed to provide Freddie Mac funding totaling $28.6 million to Emeritus Corp. (NYSE:ESC) for three of its seniors housing properties. The funding will allow Emeritus to refinance the three properties, located in Ohio, Colorado and Kentucky.
The properties are all assisted living facilities, two of which include Alzheimer’s facilities. The Ohio property, Emeritus at Pinnacle, is a 106-united assisted living and Alzheimer’s facility in Grove City, built in 2007, which will receive $14.2 million in refinancing funds. Emeritus at Broadmoor is a 77-unit assisted living and Alzheimer’s facility in Colorado Springs, Colo., built in 1996, and will receive $9.9 million of the funding for refinancing. The third property, Emeritus at Stonecreek Lodge, is a 79-unit assisted living facility in Louisville, Ky., which was built in 1997 and will receive $4.5 million of the funding.
Seattle-based senior housing owner/operator Emeritus has 485 communities under management as of August 2011, spanning 44 states and including capacity for more than 50,000 residents. KeyBank secured favorable loan terms because of its longstanding relationship with Freddie Mac, the company stated.
Written by Elizabeth Ecker