Berkadia announced a few closings in the Midwest. First, Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers were engaged by Ryan Companies US in its divestment of a Class-A seniors housing community in Cedar Rapids, Iowa.
Built in 2017 by Ryan Companies, Grand Living at Indian Creek comprises 165 independent living, assisted living and memory care units. The property is situated near Mercy Medical Center and UnityPoint Health-St. Luke’s Hospital, two of the region’s leading healthcare providers. The in-place operator, Grand Living, will continue to manage the community. The buyer and financials were not disclosed.
Fasano, Sanders, Tremper and Garbers also facilitated the sale of the Welstone at Mission Crossing, a 101-unit independent living community in Mission, Kansas, that was opened in 2016. The community was purchased by an affiliate of Livingston Street Capital, LLC, a Pennsylvania-based private equity firm with a national portfolio of active adult, independent living, and multifamily properties. Discovery Senior Living will stay on as the property’s operator.
On the financing side, Steven Muth, Austin Sacco, Garrett Sacco, Jared Flamm and Thomas Croft secured $10 million in bridge financing for a Pacific Northwest client through Berkadia’s Proprietary Bridge Lending program. The refinancing supports a 60-unit memory care community in Washington, which operates at strong occupancy. The 24-month, interest-only bridge loan positions the property for anticipated permanent HUD financing.
