KeyBank provides $324m on US senior housing portfolio

KeyBank Real Estate Capital has provided $324 million in financing to the Chicago-based real estate company Enlivant on a portfolio of 76 senior care facilities in the US.

KeyBank Real Estate Capital has provided $324 million in financing to the Chicago-based real estate company Enlivant on a portfolio of 76 senior care facilities in the US.

The financing included a $182 million Freddie Mac loan secured by 36 assisted living communities comprised of 1,477 units in a collateral pool of properties across 14 states.

One of Enlivant's assisted living facilities
Enlivant has nearly two hundred senior living communities in operation

The real estate finance company also provided a $142 credit facility, comprised of a $100 million term loan and a $42 million revolver that is secured by a pool of 40 assisted living communities across 12 states. The credit facility provides Enlivant with capital to implement its operating and growth strategy.

KeyBank has assisted with Enlivant’s capital raising efforts with banking loans as well as Fannie Mae and Freddie Mac loans since 2013.

This April the Ohio-based bank also provided a $202.1 million Freddie Mac financing on a senior housing community portfolio in metro areas of Houston, Dallas, and Austin, Texas.

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 firm has assets of approximately $98.4 billion as of March 31, 2016.

Enlivant has nearly two hundred senior living communities in operation across the US. The real estate company declined to comment, while the lender did not respond to a media request in time for publication.

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