Berkadia’s Seniors Housing & Healthcare Group refinanced a portfolio of six small memory care communities in central Florida. When we say small, we mean it, as each property featured six units. Occupancy was a combined 99% at the time of underwriting and has consistently been fully occupied with a waiting list.
Berkadia processed the transaction on behalf of the California-based sponsor as a scattered site loan through HUD. The $5.16 million loan represented a 60% loan-to-value ratio and came with a 34-year term. It retired a short-term bridge loan that was arranged in June 2020 to retire several small individual property loans. Ownership was also able to extract equity to use for future acquisitions. Ed Williams led the transaction for Berkadia.
