Berkadia arranged two loans totaling $18 million through HUD’s 232/223(f) program for a Maryland-based owner of skilled nursing facilities and a repeat Berkadia client. First, Bianca Andujo secured a $6.4 million HUD loan for a 110-bed SNF in South Carolina. The loan proceeds were utilized to pay off previous bank debt and partnership debt associated with the 2023 acquisition.
Due to improved operations and increased reimbursement rates, the sponsor was able to recoup 100% of purchase costs with the refinance. Since acquiring, the facility has consistently operated at a stabilized occupancy rate of 95% or higher, which was maintained through underwriting and at the time of closing. The HUD loan represents 65.9% LTV and carries a 30-year amortizing term.
Shortly after closing the first transaction, Anujo secured an additional $11.6 million HUD 232/223(f) loan for the sponsor. Loan proceeds were used to refinance outstanding bank debt for a 133-bed SNF in Texas. The property was developed by current ownership and opened in 2015. The loan, representing 79% LTV, carries a 35-year amortizing term.
