KeyBank Real Estate Capital has secured a $29 million financing in Federal Housing Authority loans to refinance the Pacific Coast Care Center in Salinas, CA.

Financing for the property was arranged using the U.S. Department of Housing and Urban Development’s 232/223(f) mortgage insurance program. Proceeds from the FHA loan were used to pay down a portion of an interim bridge loan. 

The properties are owned by an investor group led by BM Eagle Holdings and BlueMountain Capital Management, both based in New York.