Berkadia jumped out of the 2019 gates with four HUD closings totaling $40 million. Ed Williams secured the largest loan, $14 million in financing for a skilled nursing facility in Pennsylvania. The loan proceeds were used to retire existing bank and related partner debt for the borrower.
Next, Mr. Williams and Jay Healy headed to Michigan to arrange a $9.06 million loan on behalf of a SNF there. The Midwest-based owner/operator borrower purchased the 139-bed facility in May 2017 from a not-for-profit seller. Back then, Berkadia provided the bridge financing to fund 100% of the acquisition costs plus a significant renovation. The HUD refinance retires that Berkadia bridge loan.
Mr. Williams again went solo, this time in Sarasota, Florida, where he closed a $7.7 million HUD refinance for a skilled nursing facility.
And finally, Mr. Healy worked on behalf of a Pacific Northwest-based owner/operator to retire an existing bridge loan provided by Berkadia in July 2017 for a 72-bed skilled nursing facility in Oregon. The HUD refinance totaled $10.15 million.