We wrote last month of ROC Seniors Housing Fund Manager’s purchase of 14 senior living properties with 1,038 units from a joint venture between Iron Point Partners and Meridian Senior Living for an undisclosed price. The portfolio was mostly assisted living (719 units), with 208 memory care units and 111 independent living units as well. To fund the acquisition, ROC turned to Berkadia to arrange an $84 million, three-year floating-rate loan through BBVA Compass Bank.
Berkadia also contributed $20 million of the overall financing through its Proprietary Bridge Lending Platform. In addition, earlier this year ROC purchased a 76-unit assisted living and memory care community in Canton, Ohio, for which Berkadia originated from its Proprietary Bridge Lending Program a $9.2 million three-year floating rate loan.
