CLEVELAND—KeyBank Real Estate Capital's healthcare platform provided a $703 million financing package to a joint venture led by Blackstone that acquired a 64-community seniors housing portfolio. As reported in GlobeSt.com, HCP, Inc. sold the portfolio for $1.125 billion.
The properties have a total of 5,973 units located across 19 states and offer several types of care. Nashville-based Brookdale Senior Living will continue to manage the communities, and as part of Blackstone's joint venture, it will take a 15% ownership stake in the portfolio. HCP officials say they expect a $165 million gain on the sale.
“The financing package allows the joint venture to access immediate loan proceeds for the acquisition and provides future financing capacity based on performance of the underlying assets,” according to Cleveland-based KeyBank. Bank officials could not provide any more details about how Blackstone will use the funds. They did say that the majority of the financing comes from a Fannie Mae Credit Facility that provides the joint venture with long-term, low-cost, flexible financing on a non-recourse basis.
Charlie Shoop of KeyBank's commercial mortgage group led the financing team for the Fannie Mae facility while Peter Trazzera of KeyBank's healthcare group led the financing team for KeyBank's balance sheet.
CLEVELAND—KeyBank Real Estate Capital's healthcare platform provided a $703 million financing package to a joint venture led by Blackstone that acquired a 64-community seniors housing portfolio. As reported in GlobeSt.com,
The properties have a total of 5,973 units located across 19 states and offer several types of care. Nashville-based
“The financing package allows the joint venture to access immediate loan proceeds for the acquisition and provides future financing capacity based on performance of the underlying assets,” according to Cleveland-based KeyBank. Bank officials could not provide any more details about how Blackstone will use the funds. They did say that the majority of the financing comes from a
Charlie Shoop of KeyBank's commercial mortgage group led the financing team for the
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
