KeyBank Provides $30.8M in HUD-Insured Financing for Two Seniors Housing Properties in Las Vegas
LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures.
Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that Covenant Care operates.
Silver Hills, originally built in 1998 and renovated in 2013, comprises 150 operating beds (80 units) and provides physical, speech and occupational therapy. Silver Ridge, built in 1999, comprises 147 operating beds (78 units) and provides in-house and outpatient physical, occupational, speech and respiratory therapy.
The two FHA-insured loans were structured with a 35-year, fully amortizing term. John Randolph of KBREC’s Commercial Mortgage Group and Grant Saunders and Peter Trazzera of Key’s Healthcare Finance Group originated and structured the financing.