Berkadia Closes Three Financings for SNF Clients

Berkadia announced a series of loan closings last month totaling $57.2 million. There were four HUD financings, including three loans totaling $26.2 million closed for a portfolio of three skilled nursing facilities in Washington. Jay Healy arranged the financing for a Washington-based owner/operator, which used the proceeds to pay off short-term debt, fund improvements to the properties and reduce its debt service payments. Located in Brewster, Kennewick and Spokane, these facilities were on average 89.3% occupied with a strong quality mix.

Mr. Healy was then joined by Bianca Anduko to secure a $16 million HUD loan for a 146-bed skilled nursing facility in western Maryland. The Texas-based ownership group acquired the facility in 2016 as part of a larger portfolio acquisition in the state. The property was 94% occupied at the time of underwriting. The financing represents 80% loan-to-value and carries a term of 31 years.

Finally, Jay Healy and Steve Mentesana arranged a $15 million bridge loan for a Pennsylvania-based borrower to refinance a portfolio of three skilled nursing facilities in Alabama, Illinois and New Jersey. The 12-month, interest-only, non-recourse loan was used to retire existing HUD debt, fund improvements and return equity to the borrower. Another HUD refinance is likely on the horizon.

 

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