A couple of five-star skilled nursing facilities in western states refinanced through HUD with the help of Berkadia Seniors Housing & Healthcare. First, Jay Healy closed an $8.3 million loan to refinance an existing Berkadia/Live Oak Bank bridge loan secured by a 60-bed SNF in Idaho. The 80% LTV, 35-year loan retired the bridge debt used by the Idaho-based owner/operator to acquire the real estate in February 2023. Built in 2017, the facility had occupancy above 90% at the time of closing, with a Medicare census surpassing 20%.
In a similar deal, Berkadia closed a $16.7 million loan to refinance another existing Berkadia/Live Oak Bank loan on a 38-bed SNF in Nevada. Its Utah-based owner/operator obtained the original bridge debt to acquire the real estate from the developer in November 2022. Built in 2019, it was 95% occupied at the time of closing, with a strong Medicare census of 85%.
In addition to the HUD loans, Berkadia also arranged a bridge loan for a 119-unit seniors housing community on the Oregon coast. Ed Williams, Rob Affleck and Andrew Lanzaro partnered with Live Oak Bank, utilizing Berkadia and Live Oak’s A/B structure, to originate a $15.825 million loan at 64% loan-to-value. The loan carried a term of 18 months and was used to retire CMBS debt, buy out TIC investors and cover transaction costs. In conjunction with the bridge closing, the real estate ownership was converted to a HUD compliant structure for immediate submission as a HUD 232/223f refinance loan, which Berkadia expects to close in early 2024.
