Berkadia Seniors Housing & Healthcare announced a combined $48 million in financing for three seniors housing communities in the Pacific Northwest. First, in Washington, Berkadia refinanced a 105-unit assisted living community through Freddie Mac. The borrower secured a $27 million, sub-60% LTV loan, with a 10-year interest-only term. Built in 2015 in Washington, the community was 92% occupied at the time of the refinancing, performing well during the pandemic.
Next was a $16.21 million acquisition bridge loan arranged for an assisted living/memory care community in Washington. Berkadia provided the loan plus funding for capex and closing costs through its proprietary lending program. The transaction closed 45 days from application.
Finally, the third transaction was a $4.77 million loan for a stand-alone memory care community in Oregon, also secured through Berkadia’s proprietary lending program. The short-term, variable-rate loan refinanced a 55-bed memory care community that was 96% occupied at the time of transaction. It is expected to be refinanced by HUD within the next 12 to 18 months.
