KeyBank provides $202m on Texas multifamily portfolio

The Ohio-based financial services company provided the 10-year, floating rate loan to a joint venture between Kayne Anderson Real Estate Partners and Discovery Senior Living and to replace existing debt.

KeyBank’s commercial real estate arm has provided a $202.1 million Freddie Mac financing on a senior housing community portfolio in metro areas of Houston, Dallas, and Austin, Texas.

Conservatory Senior Living at Alden Bridge, Texas
Conservatory Senior Living at Alden Bridge, Texas

The Ohio-based financial services company provided the 10-year, floating rate loan to a joint venture between Kayne Anderson Real Estate Partners and Discovery Senior Living to replace existing debt, according to a prepared statement.

The joint-venture’s Conservatory Senior Living portfolio was built between 2005 and 2007 and totals 1,053 units and five Texas housing communities: 14320 Tandem Boulevard in Austin, 200 Country Brook Drive in Keller, 6401 Ohio Drive in Plano, 8215 Cypresswood Drive in Spring, and 6203 Alden Bridge Drive in The Woodlands.

KeyBank’s real estate arm is a Freddie Mac Program Plus Seller/Servicer and Federal Housing Administration-approved mortgagee that offers agency financing for multifamily properties, including senior housing and student housing. The bank has assets of approximately $93.8 billion.

Kayne Anderson Real Estate Partners has acquired 17 private, senior living communities in Florida, Texas and Georgia totaling 3,878 units and representing more than $900 million in transaction value since September 2013, according to the company site. The Discovery Senior Living portfolio currently encompasses seven senior living brands throughout the Southeast including Florida, Georgia, Alabama and Texas. The lender and joint venture partners were not immediately available to comment.

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