Berkadia announced the financing and sale of a senior living community in South Setauket, New York. Mike Garbers, Cody Tremper, Ross Sanders and Dave Fasano closed the sale transaction on behalf of a publicly traded REIT.
Berkadia provided both investment sales and mortgage banking services for the 196-unit independent living and assisted living community. The community will be rebranded as The Village at South Setauket and undergo extensive capital expenditure projects. Willow Ridge Senior Living will operate the community on a go-forward basis.
Steve Muth and Austin Sacco secured $15.6 million in acquisition and capex financing through Old Second Bank on behalf of the buyer, Massachusetts-based Cougar Capital Management. The three-year fixed-rate loan featured an attractive interest rate and 18 months of interest only.
