Heidi Brunet and Chris Fenton of Berkadia wrapped up their holiday season with a couple of financings for assisted living providers, bringing Berkadia Commercial Mortgage’s 2017 total to nearly $2 billion in loan production. First up, Ms. Brunet arranged a $25.6 million Fannie Mae loan, with a 10-year term and fixed interest rate, for a new borrower. The loan financed a portfolio of four assisted living/memory care communities all built in the early 2000s and totaling 288 units.
Second, Chris Fenton worked on behalf of a joint venture (which included a New England-based operator) to finance their acquisition of a 54-unit assisted living/memory care community in New Hampshire. The $25.2 million non-recourse loan was provided by Salem Five Cent Savings Bank and came with a LIBOR-plus-250 bps interest rate and a one-year term with two one-year extensions. At a loan-to-cost of 65%, the purchase price comes out to about $38.75 million, or over $700,000 per unit, for the community.
Then, Mr. Fenton followed that up by teaming with Rafael Nobo to arrange a five-year mini-perm construction loan for an assisted living community in Plant City, Florida (Tampa MSA). Busey Bank provided the $6.9 million loan (at 75% loan-to-cost), with a LIBOR-plus-385 bps interest rate.
