KeyBank Arranges $47.7M in Financing for Ridge Care Assisted Living Portfolio

by Jeff Shaw

KERNERSVILLE, N.C. — KeyBank Real Estate Capital has arranged a total of $47.7 million of permanent financing for six assisted living communities managed by Ridge Care Inc.

Based in Kernersville, located between Winston-Salem and Greensboro, Ridge Care operates 14 assisted living communities, mostly located in North Carolina.

KeyBank arranged a $38.5 million, 35-year, non-recourse, fixed-rate loan through the FHA 232/223(f) mortgage insurance program. KeyBank also provided a $9.2 million Fannie Mae loan.

John Randolph and Charlie Shoop of KeyBank’s Healthcare Mortgage Group arranged the financing, which provides Ridge Care with cash flow flexibility and excess proceeds to make capital improvements within their portfolio and continue the development of additional assisted living communities.

The six refinanced properties comprise 319 units, including The Havens at Princeton in Princeton, W.V.; Walnut Ridge Assisted Living in Walnut Cove, N.C.; Kerner Ridge Assisted Living in Kernersville, N.C.; Forest Ridge Assisted Living in West Jefferson, N.C.; Mallard Ridge Assisted Living in Clemmons, N.C.; and Arbor Ridge at Stanleyville in Stanleyville, N.C. 

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