Berkadia Seniors Housing & Healthcare recently announced the closing of four loans totaling $56.6 million in volume through HUD’s 232/223f program, all of which achieved the program’s maximum loan term of 35 years.
First, Ed Williams closed a $14.5 million loan secured by a 139-bed skilled nursing facility in South Florida for a repeat Florida-based client. The loan refinanced a bridge loan that Williams placed in 2019 and a subsequent cash-out, borrow-up originated by the senior lender in August of 2022. Berkadia closed the HUD refinance 13-months from the borrow-up by qualifying the project under HUD’s reduced seasoning guidelines. The community appraised for $164,000 per bed and was 98% occupied at the time of closing.
Next, Steven Muth closed an $11.9 million loan for a 44-unit/84-bed stand-alone memory care community in southern Oregon. The community was built in 2011 and had an underwritten occupancy of 92%. The 76.8% LTV loan refinanced senior debt and related party debt.
Then, Williams closed another HUD loan totaling $12.5 million secured by a 120-bed skilled nursing facility in South Florida for the same repeat client. The 80% LTV loan retired existing Berkadia bridge debt used to acquire the community as part of a larger portfolio. The community had an underwritten occupancy of 94%.
- Finally, in mid-November, Muth and Williams teamed up to provide a $17.6 million HUD loan for a seniors housing community in northwest Oregon. The 69-unit, 98-bed community opened in late 2019. The property was 98% occupied at the time of closing and appraised at $423,000 per unit and $300,000 per bed. The HUD loan refinanced existing bank debt.
