KeyBank Provides $29M HUD Refinancing for Skilled Nursing Facility in Northern California
SALINAS, CALIF. — KeyBank Real Estate Capital has provided a $29 million loan to refinance Pacific Coast Care Center, a 149-bed skilled nursing facility in Salinas, just south of the Bay Area proper.
The facility was built in 1979. The borrower is an investor group led by BM Eagle Holdings and BlueMountain Capital Management.
Financing for the property was closed 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. A KeyBank-led bank syndicate originally provided the acquisition financing in mid-2017 as part of a multi-asset skilled nursing portfolio.
The deal team consisted of John Randolph of Key Bank’s FHA Healthcare team and Grant Saunders and Peter Trazzaera from Key Bank’s Healthcare Group.