TODAY’S DEALS: KeyBank Closes $29M in Loans for Three Senior Housing Properties, and Other Transactions

By Erika Schnitzer, Associate Editor Bakersfield, Calif.—KeyBank Real Estate Capital has closed $29 million in Fannie Mae loans for three Pacifica Companies’ “Oakdale Heights” senior housing properties.KeyBank’s financing included $10.7 million for a 78-unit property in Bakersfield, Calif. (pictured), $9.3 million for an 86-unit community in Virginia Beach, Va., and $9 million for 87 units in Wilmington, N.C.Gebroe-Hammer Closes $8.7M Sale of 97-Unit N.J. Property South Bound Brook, N.J.—Gebroe-Hammer Assciates recently closed an $8,778,000 sale of Towne Oaks, a 97-unit community located in South Bound Brook, N.J.Joseph Brecher, senior vice president at Gebroe-Hammer, negotiated the sale on behalf of the seller, The Lightstone Group, and the buyer, a North Jersey 1031 investor.Towne Oaks offers studios, one- and two-bedroom residences, which include balconies, decks or patios, in addition to walk-in closets and hardwood floors.Arbor Funds $4.26M Loan for 155 Units Charlotte, N.C.—Arbor Commercial Funding LLC recently funded a $4.26 million loan to finance Birchcroft Apartments, a 155-unit community in Charlotte, N.C.The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.35 percent. Bob Anderson, director of Arbor’s Atlanta lending office, originated the loan.