KeyBank provides $93.75M in loans
KeyBank Real Estate Capital has provided $93.75 million in Fannie Mae loans to finance a portfolio of four assisted living communities on behalf of NorthStar Healthcare Income Inc., the company announced. NorthStar Healthcare is a public, non-traded REIT.
NorthStar Healthcare acquired the 570-unit portfolio in New York last September. The properties include The Arbors at Bohemia, The Arbors at Islandia, The Arbors at Hauppauge and The Arbors at Westbury, located in Jericho, NY. They are 100% leased to Arcadia Management Inc.
KeyBanc Capital Markets also arranged a $100 million revolving credit facility for NorthStar Healthcare, with the option to upsize the facility through an accordion feature, up to $200 million.