KeyBank Provides $142.1M Acquisition Loan for 15-Property Skilled Nursing Portfolio

PENNSYLVANIA, NEW JERSEY, CONNECTICUT, WEST VIRGINIA AND MASSACHUSETTS — KeyBank has provided a $142.1 million acquisition loan for a 15-property, 2,147-bed skilled nursing portfolio. 

Six of the properties are in Pennsylvania, four in New Jersey, three in Connecticut, one in West Virginia and one in Massachusetts. The total purchase price was $204 million.

Manhattan-based private real estate investment firm Next Healthcare Capital entered into a real estate partnership with Genesis Healthcare to acquire the portfolio from seniors housing REIT Welltower (NYSE: WELL). Genesis acquired a 46 percent ownership interest in the portfolio. 

Genesis will continue to operate the facilities under a new long-term, triple-net lease that includes a Genesis purchase option beginning in 2026, plus no rent escalators for the first five years.

Seven additional Welltower-owned properties were sold to a third party and Genesis will no longer operate those facilities. 

Henry Alonso, Jonathan Slusher and John Randolph of KeyBank Real Estate Capital arranged the $142.1 million loan. Terms of the financing were undisclosed. 

— David Cohen

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