Berkadia announced $177 million in financings across seven deals, with Bianca Andujo, Ed Williams, Jay Healy, Rafael Nobo and Chris Cain working on the transactions. There were four HUD loans, the largest being a $62 million arranged by Mr. Williams for a senior living community in Portland, Oregon. At 70% loan-to-value, the financing retired a Berkadia-arranged 232/223(a)(7) loan from 2021 and a surplus cash note provided by Berkadia’s Proprietary Lending Group.
Mr. Williams also secured a $13.65 million loan for a 100-unit assisted living/memory care community in Arizona that qualified for reduced seasoning and refinanced a cash-out loan originated in late 2021. The cash-out loan was a borrow-up on the construction loan used to finance the property, which was built in phases between 2015 and 2017. The community was 97% occupied at the time of closing.
Mr. Healy secured a $12.98 million HUD loan for a Utah-based owner/operator of a 38-bed, all-Medicare SNF that opened in 2018 and boasted occupancy in the high-90s, even during the pandemic. The HUD note retired bank debt that had also been facilitated by Berkadia to refinance the original construction loan and allow the borrower to take out equity. Because the loan was below 70% loan-to-value, the borrower also avoided HUD’s two-year debt seasoning requirement.
In western North Carolina, Mr. Healy also refinanced a 112-unit skilled nursing/assisted living facility with a $10.5 million loan through HUD’s 232/223(a)(7) program. The in-state sponsor originally assumed the HUD new construction loan in October 2019 when they acquired the property from a not-for-profit regional healthcare system. Around $270,000 in savings will be generated by the refinance.
Ms. Andujo next utilized Berkadia’s balance sheet to provide a $10.95 million loan to refinance maturing bank debt and related party debt on a 200-bed skilled nursing facility in upstate New York. Occupancy rebounded post-pandemic to the low- to mid-90s at the SNF, but it struggled with staffing issues that delayed a HUD refinance. So, the New York-based ownership received a 24-month, interest-only loan to provide more time for stabilization.
Finally, Messrs. Cain and Nobo secured a $41.5 million Freddie Mac loan for two independent living communities in Illinois and Florida. The 10-year loan, with five years of interest only, took out existing debt and provided equity back to the sponsor. The Berkadia duo also worked with a capital partner to close a $25.5 million bridge loan in Naples, Florida, where Berkadia was also a participating lender. The loan retired existing bridge debt and provided the borrower time to improve operations before seeking a permanent mortgage.
