ReNew Investors Lands $159M to Acquire 8 Senior Housing Communities
- Mar 28, 2019
ReNew Investors has secured more than $159 million in acquisition financing to purchase 8 senior housing communities in Michigan, Pennsylvania and Virginia. The financing consists of $85 million in Fannie Mae loans, $16 million in Freddie Mac loans and a $58 million bridge loan.
The firm purchased the properties, which all together totaled 813 units, in a series of four separate transactions that closed in January and February of this year. The property types included independent living, assisted living and memory care. Addresses and further details of the properties were not disclosed. KeyBank provided the financing on behalf of ReNew.
Laura Conway and Brandon Taseff of KeyBank Real Estate Capital’s Healthcare Group led the financing of the balance sheet lending products while Charlie Shoop of KeyBank’s Healthcare Banking Commercial Mortgage Group arranged the permanent financing with Fannie Mae and Freddie Mac.
The senior housing industry has been experiencing high demand over the past year, according to a January report from the National Investment Center for Seniors Housing & Care. Meanwhile, new trends in health & wellness are creating change in the sector.