Berkadia announced another tranche of closings with more than $92.7 million in financing for nine seniors housing communities in four states. Steve Muth and Ed Williams first helped finance the acquisition of a 78-unit assisted living community in Great Falls, Montana, with a $12.6 million loan provided to a Northwest-based owner/operator. The non-recourse loan featured a 12-month, interest-only term. The community had sustained a stable occupancy rate over the past year, and Berkadia plans to submit a HUD application shortly after the closing. The borrower had previously collaborated with Berkadia on a similar-sized deal in late 2023.
Back to HUD, Williams also obtained a $16.4 million loan on behalf of a repeat client based in Oregon to refinance a 119-unit seniors housing community on Oregon’s coast. Built in 2009, the community was 90% occupied and previously held bridge debt that was financed by Berkadia and Live Oak Bank. The new loan, at 65% loan-to-value, carries a term of 35 years.
Williams was not done, closing a $10.64 million HUD loan for another repeat client based in Arizona. The scattered site loan was secured by three communities totaling 85 assisted living units located within the same county in Arizona. They had been built in 2002, 2008 and 2013, respectively, and boasted an average occupancy of 95%. The 71% loan-to-value financing carried a 35-year term and retired bank debt as well as partnership debt.
Following that transaction, Williams next closed three HUD loans totaling $37.8 million for a repeat client in South Florida. Loan proceeds were used to retire bridge loans that were previously financed by Berkadia. The buildings, all located in Florida, consist of 378 skilled nursing beds and were on average 90% occupied. Each HUD loan has a 35-year term and a loan-to-value ratio of 80%.
Finally, Williams closed a $15.27 million HUD loan for a 180-bed skilled nursing facility in South Florida, also on behalf of a repeat client. The new loan retired bank debt and carried a term of 35 years with a loan-to-value ratio of 72%. The SNF was 92% occupied.
