Berkadia Seniors Housing & Healthcare announced the closure of $26 million in bridge-to-HUD loans across three transactions for an El Segundo, California-based sponsor. Jay Healy and Andrew Lanzaro closed the loans on behalf of the repeat client. Berkadia anticipates closing all three subsequent HUD refinancings in the second half of 2025.
The first transaction involved a $6 million bridge-to-HUD loan to facilitate the acquisition of a 48-bed memory care community in Jackson County, Oregon, for a joint venture between the sponsor and a Medford, Oregon-based operator that has managed the community since 2022. Constructed in 2016, the community had a 90% occupancy rate at closing with deposits increasing occupancy to 96% shortly thereafter. The 18-month, interest-only bridge loan represented 67% of the purchase price plus ($8.96 million, or $187,000 per unit).
The second transaction was an $11.06 million bridge-to-HUD loan to refinance senior and related party debt on an 87-unit assisted living and memory care community in Lancaster County, Pennsylvania. The community was developed in 2001, and the sponsor has owned it since 2015. The community maintained a 95% occupancy rate at closing. The bridge loan represents 73% of the property’s value ($15.15 million, or $174,000 per unit) and carries a term of 18 months.
Lastly, Healy and Lanzaro closed an $8.96 million bridge-to-HUD loan to facilitate the acquisition of a 60-unit assisted living (30) and memory care community (30) in Macomb County, Michigan. Developed in 2019, Clinton Creek Assisted Living and Memory Care had a 90% occupancy rate at closing. The 18-month bridge loan was sized to 67% of total costs ($13.4 million, or $223,000 per unit). Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia represented the seller in the sale.
