Finance Q Kentucky

KeyBank closes $21 million loan for nursing facility in Louisville

KeyBank closes $21 million loan for skilled nursing facility,ph01

KeyBank Real Estate Capital secured a $21 million Federal Housing Authority fixed-rate loan for a post-acute healthcare services company to purchase a skilled nursing facility in Louisville, Kentucky.

Sitting on four acres of land, Louisville East Post Acute is a single-story building that houses 178 beds in 105 units. Originally built in 1969, additions were made to the facility in 1974 and 1995, and it was renovated in 2017.

The transaction was closed using FHA’s 232/223(f) mortgage insurance program.

Patrick Shearer of KBREC’s Commercial Mortgage Group and Grant Saunders of KeyBank’s Institutional Real Estate team structured the financing.