Berkadia handled the sale and financing of two seniors housing communities in Southern California. The transaction included an 84-unit assisted living and memory care community in the San Diego suburbs and a 72-unit memory care community in the Los Angeles suburbs. These were older vintage properties with some Medicaid census but were very strong performers in the market, with an average occupancy rate of 90.5%.
Managing Directors Mike Garbers, Cody Tremper, Ross Sanders and Dave Fasano of Berkadia Seniors Housing & Healthcare closed the sale on behalf of a Southern California-based private owner.
Managing Directors Ed Williams and Steve Muth of Berkadia Seniors Housing & Healthcare also arranged acquisition financing for the deal. The financing was provided through Berkadia’s Proprietary Lending Group. The loans feature a 24-month interest-only term, with an anticipated HUD takeout expected within the next six to 12 months.
