KeyBank Arranges $291M for Senior Housing Portfolio

The loan, which was secured through Freddie Mac and closed in two tranches, was used to acquire 17 properties totaling 2,193 units.

Affiliates of Apollo Global Management LLC has secured $291 million in financing to acquire a 17-property senior housing portfolio. KeyBank Real Estate Capital arranged the Freddie Mac loan for investment funds managed by the borrower, which was closed in two tranches. 

Eclipse Senior Living will provide day-to-day management services for the 2,193-unit portfolio, upon closing of the purchase. 

Senior Vice President Charlie Shoop of KeyBank’s Healthcare Commercial Mortgage Group, along with Senior Vice President Tim Sylvain and Vice President Brandon Taseff of KeyBank’s Institutional Real Estate Group, closed closed the loans within 30 days of one another. 

“We’re pleased Apollo Global Management partnered with us in arranging this unique Freddie Mac financing to assist with their acquisition of this large seniors housing portfolio,” Shoop told Multi-Housing News. “We’re dedicated to the success of our clients and look forward to working with Apollo again in the future as they broaden their investment in the seniors housing space.” 

Last month, KeyBank arranged three loans totaling $63.1 million for a three-property multifamily portfolio owned by entities affiliated with MAXX Properties.