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KeyBank Arranges $105.9M Recapitalization for Six Properties in Texas, Illinois

PEORIA, Ill., and CLEAR LAKE, LONGVIEW, SAN ANTONIO, ARLINGTON and WACO, Texas — KeyBank Real Estate Capital has arranged $105.9 million in financing to recapitalize a portfolio of six assisted living and memory care properties.

The portfolio features 631 units operating under the Heartis brand. The borrower is Dallas-based Caddis Partners.

The financing structure consisted of an $80 million syndicated senior credit facility and a $25.9 million mezzanine loan provided by an institutional partner.

The portfolio includes:

  • Heartis Clear Lake in Clear Lake
  • Heartis Longview in Longview
  • Heartis San Antonio in San Antonio
  • Heartis Arlington in Arlington
  • Heartis Waco in Waco
  • Heartis Peoria in Peoria

Grant Saunders and Zach Shulkin of KeyBank Real Estate Capital’s Healthcare Group and Jon Voight of KeyBanc Capital Markets-Real Estate Syndications structured and syndicated the financing.

The post KeyBank Arranges $105.9M Recapitalization for Six Properties in Texas, Illinois appeared first on Seniors Housing Business.

Source: Senior Housing Business

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