Berkadia’s Seniors Housing and Healthcare team, led by Chris Honn, has been working at a furious pace since the end of last year, closing $288 million in financings in the past two months. First up on the agency side, Berkadia arranged a $36.7 million Freddie Mac loan, with a 10-year fixed-rate term, for a recently stabilized 131-unit independent living community in Birmingham, Michigan. Through Fannie Mae, the team also closed a $98 million, seven-year loan (with a fixed rate) on behalf of the owners of a 605-unit entrance-fee CCRC in Florida who were looking to cash out their equity. For a portfolio of five skilled nursing facilities, and 222 beds, in Arizona, Colorado and Utah, Berkadia closed a $60 million HUD refinance.
There were a couple of conventional financings as well. A Southeast-based SNF owner went to Berkadia to obtain an $8.5 million bridge loan. With the funds, the company purchased a skilled nursing facility in North Carolina, and will eventually take the loan to HUD. Finally, and covering all facets of the senior care industry, Berkadia arranged a $20 million construction loan for a national owner/operator to build a 136-unit assisted living/memory care community in Florida. The loan features four years of interest only, with extension options. That’s an impressive start to the year for the team at Berkadia.