CLEVELAND, OH - KeyBank Real Estate Capital recently closed $162 million in Fannie Mae financing for Kayne Anderson Real Estate Advisors (KAREA), the real estate private equity arm of Kayne Anderson Capital Advisors, L.P., and Discovery Senior Living (Discovery), an operator and developer of senior housing. Their joint venture acquired six, class-A Seniors Housing Communities in Florida totaling 1,930 units and doing business as Aston Gardens communities. The loans made by KeyBank’s Seniors Housing Agency Group financed the acquisition of four predominately Independent Living properties; the purchasers assumed existing debt on the remaining two properties.
About Kayne Anderson Real Estate Advisors
Kayne Anderson Real Estate Advisors is the private equity real estate arm of Kayne Anderson Capital Advisors, a $25 billion investment management firm with 30 years of successful experience in the energy, infrastructure, real estate, growth capital, middle market credit and distressed municipal sectors. KAREA currently has three funds, with commitments of more than $1.4 billion, investing in specialized niche real estate sectors. The company invests in existing properties on a direct basis and in developments on both a joint venture basis or on a forward take out basis. KAREA currently controls approximately 19,000 student housing beds, 1930 senior housing units, 1100 conventional multifamily units, 15,000 self-storage units, and almost 400,000 square feet of medical office space. Over the past year, KAREA sold 23 of its assets, 20 of which were included in the largest private sale of a student housing portfolio in history. For more information, visit http://www.kaynecapital.com/strategies/real-estate-private-equity.
About Discovery Senior Living
Discovery Senior Living, a family of companies founded by Thomas J. Harrison and Richard J. Hutchinson, includes Discovery Management Group, DiscoveryGroup, Discovery Village senior communities, Aston Gardens senior communities, Discovery Realty Group, Regency Pointe senior community, and Discovery at Home, a Medicare-certified home healthcare company. For more than 20 years, Discovery Senior Living has developed, built and operated upscale, luxury senior-living communities. The award-winning management group has a flourishing portfolio of more than 2,000 homes for seniors, caring for almost 2,500 residents. The enterprise has become a recognized industry leader in the development, marketing and management of world-class resort-style communities. Discovery Senior Living is located at 3301 Bonita Beach Road, Suite 208, Bonita Springs, FL 34134. Online at www.discoveryseniorliving.com.
About KeyBank Real Estate Capital
KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located in select markets across the country, provideand interim finance, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multi-family properties, including seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.
KeyCorp (NYSE: KEY) is one of the nation's largest bank-based financial services companies, with assets of approximately $89 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses