KeyBank Originates $12.2M Fannie Mae Loan for 70-Unit Seniors Housing Community in Massachusetts
LEOMINSTER, MASS. — KeyBank Real Estate Capital has originated a $12.2 million Fannie Mae, first mortgage loan for Sunrise of Leominster in Leominster, approximately 40 miles west of Boston. Built in 1996, the three-story property features 70 units on a five-acre plot. The property originally comprised 48 assisted living units, with 23 memory care units added in 1999. In 2013, 10 existing assisted living units were converted into nine memory care units. During that renovation, a new common room and dining room were added. Carolyn Nazdin of KeyBank’s Commercial Mortgage Group arranged the non-recourse, fixed-rate loan with a 10-year interest-only term. The loan was used to refinance existing debt.