November 12, 2020
KeyBank Real Estate Capital (KBREC) secured $40 million of fixed-rate financing for a group of highly experienced investors who own and operate skilled nursing facilities to refinance a healthcare facility in the Jamaica neighborhood of Queens.
Built in 1971 with an addition in 1975, the Margaret Tietz Nursing & Rehabilitation Center at 164-11 Chapin Pkwy. is a skilled nursing facility that comprises 170 units (200 beds) in one six-story building. The center’s services include long-term residential care, short-term rehabilitation, palliative care, holistic services and music therapy.
The mortgage loan, which was closed using the U.S. Department of Housing and Urban Development’s 232/223(f) mortgage insurance program, is structured with a fully amortizing 35-year term.
John Randolph of KBREC’s Commercial Mortgage Group and Henry Alonso of KeyBank’s Institutional Real Estate Group structured the financing.
For comments, questions or concerns, please contact Paul Bubny