KeyBank Provides $106M in Seniors Housing Financing in New Jersey
- Nov 16, 2010
East Brunswick, N.J.–KeyBank Real Estate Capital provided $106.7 million in Freddie Mac funding for seven assisted living and age-restricted communities in New Jersey.
Key originated a $100 million Freddie Mac loan on six properties on behalf of a joint venture partnership between an affiliate of The Carlyle Group and Chelsea Senior Living, a regional seniors housing owner-operator based in Fanwood, N.J. The assisted living and memory care properties are located in East Brunswick, Fanwood, Manalapan, Montville, Tinton Falls and Warren, N.J.
In addition, Key provided $6.75 million in Freddie Mac financing to Gary Kline for the Metuchen Senior Apartments, located in Metuchen, N.J.
Key has significant experience working with Freddie Mac throughout the country and was able to secure favorable loan terms for both transactions.