Berkadia announced two sizeable financings arranged for senior care clients in Portland, Oregon. The larger transaction saw Touchmark receive an $82.4 million loan through Freddie Mac to refinance its senior living community located just three miles from the center of Portland. Opened in 2018 with independent living, assisted living and memory care services, the community has around 275 units. Its construction cost was estimated at $90 million, or $326,100 per unit.
Chris Cain and Rafael Nobo secured the seven-year debt at 53% loan-to-value, putting the community’s value now at over $155.47 million, or $563,300 per unit. This was the second agency loan Berkadia closed with Touchmark this year, so far, closing this particular transaction within 60 days, from application to funding.
Berkadia’s Ed Williams next arranged a $50.2 million HUD refinance for a 253-unit senior living community in Portland. Historically, the property was well occupied in the low-90s, and only dropped to 88% by the end of 2020. It features a combination of independent living, assisted living and memory care.
There was another HUD loan on the property, which was replaced and the term lengthened to 40 years. The refinance also provided the borrower with debt service and MIP payment savings with a lower rate.
