Berkadia announced the closing of $49.4 million in 232/223f HUD refinancings across five transactions in four states. The loans carried an average loan-to-cost of 75% and an average term of 33 years. Four of the loans refinanced bridge loans closed from Berkadia’s proprietary balance sheet.
Steven Muth and Rafael Nobo originated a $15.95 million 232/223f HUD loan on a 73-unit seniors housing community in Northern Virginia for a Mid-Atlantic-based owner/operator. The community featured primarily assisted living and memory care services, with some independent living units. Occupancy was 94% at the time of closing. The 35-year fixed rate loan represented 77% LTC and retired a Berkadia bridge loan.
Ed Williams secured a $11.46 million 232/223f HUD loan on a 120-bed skilled nursing facility in the Tampa, Florida MSA, for a repeat Florida-based sponsor. The 1990-vintage facility had occupancy of 89%, Medicare mix of 18.5% and was valued at $145,000 per bed. The loan also retired existing Berkadia bridge debt used to acquire the community as part of a larger portfolio.
Jay Healy closed a 232/223f HUD financing across two assisted living and memory care communities in Idaho for a California-based repeat client of Berkadia’s. The HUD loans retired a single Berkadia bridge loan originated in mid-2023 to fund the acquisition of the two stabilized assets. The communities had a combined occupancy of 95% and Medicaid payor mix of 78%. The high Medicaid mix enabled the borrower to benefit from Idaho’s recent Medicaid rate increase to refinance partnership debt in addition to the senior debt. The HUD loans had terms of 30 years.
Healy and Muth provided a $8.3 million 232/223f HUD loan for a 55-unit memory care community in Oregon for a California-based sponsor. The HUD loan, which retired an existing Berkadia bridge loan, represented 79% LTC and carried a term of 35 years.
