The team at Berkadia has been busy lately, closing seven HUD, Fannie Mae and bridge loans for a number of clients across the country. Managing Director Heidi Brunet handled five of those for two separate borrowers. First, two years after it opened, an 87-unit assisted living/memory care community in South Carolina is refinancing its construction debt with an $18.5 million, 10-year, fixed-rate Fannie Mae loan. Lease-up has evidently gone well, as occupancy stands at 93%. The same borrower also received from Ms. Brunet a $5.3 million, 10-year, fixed-rate supplemental loan through Freddie Mac to fund an expansion project at a high-end Virginia CCRC. The property was originally built in 2011 with 72 units of independent living, 85 of assisted living and 16 for memory care. The borrower also paid off existing construction debt at its 92-unit community (62 AL and 30 MC units) with a $15 million two-year, adjustable-rate loan from a bank partner. Built in 2015, the community was still filling up, and was 73% occupied at closing. Seems like this owner is growing at a fast pace.
Ms. Brunet then worked with Jay Healy of Berkadia to secure a $4.7 million, or $195,800 per bed, HUD loan (with a 35-year term) for a repeat borrower to refinance its 24-bed skilled nursing facility in Utah. The facility was built in 2009 in the town of Orem, adjacent to Provo. The same owner also has a 38-bed facility in Murray, Utah (Salt Lake City MSA) that was built 10 years ago and received a $9.2 million, 35-year HUD refinance, arranged by Brunet and Healy. Both facilities are five-star rated.
Managing Director Chris Fenton also got in on the action, working on behalf of two borrowers. The first received a $13.5 million, two-year bridge loan, with an adjustable rate, for its 81-unit assisted living/memory care community in Vacaville, California. Built in 2004, the property was just 70% occupied at loan closing. The new owner was able to pay off debt and restructure from a TIC structure to an LLC structure.
Mr. Fenton then worked with Ed Williams to arrange a $3.5 million 10-year Fannie Mae refinance for a 34-unit assisted living community in Douglassville, Georgia. He went back to Fannie Mae for his final transaction of the month, to arrange (with the help of Rafael Nobo) a 10-year, $10.3 million loan on behalf of a 77-unit assisted living community in Florida. We hope the Berkadia team can take some time to relax this Memorial Day weekend, they’ve certainly earned it.
