Berkadia has had a busy few months, filled with financing transactions and an investment sales closing. First, Jay Healy was engaged by three separate sponsors to finance four loans that total $66 million.
At the end of June, Healy closed a $20 million bridge-to-HUD loan to refinance a maturing construction loan for PruittHealth. The three-year loan, structured in partnership with a publicly traded REIT, is interest only and prepayable at any time. The property is a 90-bed skilled nursing facility in North Tampa, Florida. PruittHealth developed the community in 2022 and has operated it since.
In July, Healy closed a $12.3 million bridge-to-HUD loan for a Fort Worth, Texas-based nursing home owner/operator. The 18-month, interest-only bridge loan covered 100% of the cost to purchase the leased fee interest of a 120-bed skilled nursing facility in El Paso, Texas. The sponsor has operated the property since its opening in 2018. It is anticipated that Berkadia will close the subsequent HUD refinance in the first half of 2025.
Healy lastly closed two loans totaling $33.1 million, utilizing HUD’s 232/223(f) program, for a repeat client based in Seattle, Washington. HUD loan proceeds were used to retire bridge loans that were previously financed by Berkadia and Live Oak Bank and to fund capital improvements. The buildings, both in Washington, consist of a 105-bed SNF and a 147-unit independent living/assisted living community. Each HUD loan carries a term of 35 years with an average LTC ratio of 71%. Both projects were well-occupied at the time of the closing, with the SNF at 88% and the 2007-built IL/AL building at 99%.
Then, Brooks Minford was engaged by a Florida-based seniors housing and multifamily developer in the sale of a seniors housing community in Florida. The buyer was a Central Florida-based owner/operator looking to expand its operational footprint into South Florida.
The community comprises 80 assisted living and memory care units in a densely populated Palm Beach County submarket. It is less than a half mile from over 750,000 square feet of retail space (occupied by tenants including Walmart Neighborhood Market, Marshall’s and Phoenix Theaters). The property is also just a short drive from HCA Florida’s JFK Hospital and Wellington Regional Medical Center.
