Senior Housing & Care Finance Activity: KeyBank, Capital One, Grandbridge

Grandbridge Real Estate Capital Facilitates $7 Million Financing for ALF Renovation

Grandbridge Real Estate Capital recently facilitated the financing for an affiliate of The Carlyle Group’s joint venture with Atlanta-based Formation Development Group to acquire and renovate The Renaissance on Peachtree, an assisted and independent living community located in the Buckhead neighborhood of Atlanta, Ga.

As part of the acquisition, the venture plans to spend approximately $7 million to renovate the community’s interior spaces, with enhancements including upgraded common areas, individual apartments, new dining and entertainment venues, activity spaces, and wellness facilities.

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Charlotte, N.C.-based Grandbridge facilitated the non-recourse acquisition/renovation financing through its proprietary lending platform, BB&T Real Estate Funding LLC. Grandbridge is a subsidiary of Branch Banking and Trust Company (NYSE:BBT) and has a servicing portfolio of $26.1 billion representing nearly 100 capital providers.

KeyBank Provides $114 Million in HUD Funding to Refinance 13 New England Skilled Nursing Facilities

KeyBank Real Estate Capital recently closed $114 million of HUD financing with Athena Health Care Systems for 13 seniors housing communities located in Connecticut and Rhode Island.

The refinancing provides Athena with efficient fixed-rate mortgages that lock in historically low interest rates and include HUD mortgage insurance for the communities, which have an aggregate 1,790 beds.

Loan proceeds totaling $114,356,900 represent a strategic refinance of the company’s existing indebtedness, and the new financing will fully amortize the debt over approximately 30 years.

Athena is one of the largest managers of skilled nursing facilities with a network that includes 17 nursing homes in Connecticut, three in Rhode Island, and five in Massachusetts, along with two hospice agencies in Massachusetts.

Capital One Closes $70 Million Revolving Line of Credit for Signature HealthCARE

Capital One recently closed a three-year $70 million revolving line of credit for Signature HealthCARE, a long-term care services provider in the Eastern and Southeastern United States. Signature will use the credit facility to fund growth opportunities.

“We are thrilled to provide Signature HealthCARE with access to capital to help the company advance its growth strategy,” said Patrick Coffey, Managing Director, Capital One Bank. “Signature HealthCARE has the reputation of being a premier skilled nursing facility provider and we look forward to partnering with the company’s executive team to expand its business.”

The Louisville, Ky.-based long-term care provider operates 73 long-term care facilities in Alabama, Florida, Georgia, Kentucky, Maryland, Pennsylvania, and Tennessee, with 8,857 licensed beds. Signature provides rehabilitation, clinical consulting services, and advanced disease management programs to its residents.

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