NOBLESVILLE and LAFAYETTE, Ind. — KeyBank has provided two HUD loans totaling $15.3 million for a two-property skilled nursing portfolio in Indiana.
The first transaction was a $9.6 million first mortgage loan for Prairie Lakes Health Campus, a 132-bed healthcare facility in the Indianapolis suburb of Noblesville. Built in 2010, the property consists of 49 skilled nursing units, 33 assisted living units and 29 memory care units.
The second transaction was a $5.7 million first mortgage loan for Trilogy - St. Mary Healthcare Center, a 71-bed skilled nursing facility in Lafayette, approximately 60 miles northwest of Indianapolis. The property was built in 1969 and renovated in 2010.
John Randolph and Laura Conway of Key’s Healthcare Group arranged the loans through the FHA 232/223(f) mortgage insurance program. The loans will be used to refinance existing debt, achieve debt service savings and fund replacement reserves and elective repairs. Both loans are structured with a 35-year amortization schedule.