Berkadia closed over $200 million in loans this month, in both its Proprietary Bridge Lending and Commercial Mortgage platforms. Beginning with its agency transactions, Berkadia’s Jay Healy secured HUD loans totaling over $36 million for two skilled nursing facilities clients. The larger loan, at $29.5 million, was arranged on behalf of a repeat client of Berkadia to retire bridge debt used to acquire three skilled nursing facilities in Colorado, Kansas and Nevada. Acquired in 2017, the facilities total 110 beds and average 94% occupancy. The smaller $6.7 million loan refinanced a 47-bed, 11-year old SNF in New Mexico owned and operated by two other repeat clients of Berkadia.
Then, Rafael Nobo went to Fannie Mae to secure a $10 million, 10-year loan with a fixed rate for a 74-unit assisted living/memory care community in the Tampa, Florida area. Less than 18 months prior, Mr. Nobo had also arranged an additional $3 million supplemental loan from Fannie Mae for the same borrower.
Wrapping up the agency loans, Berkadia’s Heidi Brunet first closed a $13 million, 10-year Freddie Mac loan with a fixed rate for a 126-unit independent living community in Waterford, Michigan. The 95% occupied community is 100% private pay but targets the middle-income market. Ms. Brunet then closed a $25 million, 10-year variable-rate Fannie Mae loan for a property in Colorado.
Ms. Brunet followed that up with a bridge financing in Naples, Florida, where a 128-unit independent living community (also 100% private pay) obtained a $25.5 million 18-month loan. Completed in 2016, but still 66% occupied, the high-end community offers studio, one-bedroom and two-bedroom units in a resort-like setting.
Jay Healy closed a bridge loan of his own in the state of Oregon. With a $15.6 million, 12-month loan, the owner of two skilled nursing facilities totaling 125 beds was able to retire current debt and return some of their equity in anticipation of a HUD refinance.
Finally, Ed Williams through Berkadia Commercial Mortgage provided $78.6 million in acquisition financing for a seven-SNF portfolio in Florida, consisting of five properties in the Miami area, one around Tampa and one near Orlando. The loan, which was financed with a bank partner, comes with an 18-month interest-only term and an adjustable rate based on one-month LIBOR.
