In May 2025, Berkadia closed a $7.6 million 232/223f HUD loan to refinance Whitewood Gardens, a 39-unit assisted living community built in 2013 in Portland, Oregon. The fully amortizing, 35-year term represents 78% LTV and allowed the sponsor to avoid a loan maturity.
Ed Williams and Rob Affleck handled the transaction. Early in the process, they pinpointed HUD’s project eligibility requirements, and, during underwriting, addressed the need for additional bathrooms to meet with compliance. Leveraging relationships with HUD engineering and repairs experts, the team guided the construction process, securing approvals on last-minute requests. The loan covered the initially anticipated bank debt, but also addressed additional debt identified post-submission, thanks to improved operations during underwriting.
