Today’s Deals: KeyBank Closes $163 M Loan to Finance Acquisition of 19-Property Seniors Housing Portfolio and Others

By Anuradha Kher, Online News EditorKeyBank Real Estate Capital recently closed a $163 million acquisition financing package for Emeritus Senior Living.The package, which finances Emeritus’ acquisition of a portfolio of 19 assisted living and Alzheimer facilities nationwide, consists of 19 individual cross-collateralized and cross-defaulted commercial mortgages backed by Freddie Mac. Emeritus will own and operate the portfolio, which consists of more than 1,500 units. Freddie Mac provided the loans through its Conventional Cash Seniors Housing product. The pool of loans is cross-collateralized and cross-defaulted, and has a 10-year term with an optional 12-month extension. The initial 12 months are interest only; with 30-year amortization thereafter, and there is a 10-year yield maintenance period. The minimum debt service coverage was 1.38 and minimum loan-to-value ratio was 75 percent.Student Housing Community Sold for $17.4 MillionLexington, Ky.–GMH Capital Partners recently arranged the sale of The Courtyards (pictured), a 182-unit, Class A, garden-style student housing community in Lexington, Ky., for $17.4 million. McKinney Properties, a Pittsburgh-based real estate investment company, purchased The Courtyards. Designed to house students at the University of Kentucky, The Courtyards consists of eight, three-story apartment buildings. They include 182 units with 676 beds, totaling 209,300 sq. ft. of net rentable area. The community contains two-bedroom/two-bathroom, and four-bedroom/four-bathroom apartments.”This property is a solid asset due to its prime location, functionality and stable historic performance,” says Dave Forrest, senior vice president of investment sales for GMH Capital Partners. “The buyer recognized the significant upside available, and ownership was pleased with the outcome of this transaction.”The community features a clubhouse, fitness center, swimming pool, hot tub, computer lab, game room with billiards as well as outdoor basketball, tennis and volleyball courts. All bedrooms are fully furnished and pre-wired for cable and high-speed Internet access.Alliant Capital Provides $9,662,300 Acquisition Loan for 176-Unit Garden-Style Rental CommunityEugene, Ore.–Alliant Capital LLC recently provided a $9,662,300 acquisition loan for the Heritage Village Apartments, a 176-unit garden-style apartment community built in 1972, located in Eugene, Ore. The property is comprised of 41, two-story apartment buildings.Alliant’s loan has an 8-year term with 30-year amortization.