Berkadia’s Steve Muth and Andrew Lanzaro closed two loans totaling $5.1 million using HUD’s 232/223(f) program for a Southeast-based owner/operator of seniors housing communities and a repeat Berkadia client. The refinancing paid off the remaining bank debt for a crossed pool of four assets in Mississippi comprising 157 total units (149 assisted living and eight memory care).
The two earlier loans closed in late 2024 due to their opportunity zone location, which allowed for expedited processing. The total loan proceeds of $14 million also retired partnership debt from a prior addition funded by the sponsor. Two of the assets were built in 1998 with additions about 10 years ago, one was built in 2023 and the last in 2013. All four loans achieved 35-year fully amortizing terms.
