The closings keep on coming from Berkadia, which recently facilitated two Freddie Mac financings and a bridge-to-HUD loan for several clients. Heidi Brunet and Chris Honn teamed up to arrange a 10-year, $30 million Freddie Mac loan to refinance a 120-unit independent living community in the Columbus, Ohio area. Recently built in 2015, the community was nearly stabilized, prompting the new client to pay off its existing construction debt with this transaction. Ms. Brunet also assisted an older senior living community to refinance with a 10-year, $44 million Freddie Mac loan. Located in South Florida, the property consists of four buildings with 268 independent living and 55 assisted living units. Having been built in 1989, it was in need of a few upgrades, some of which have already been completed. Cash-out proceeds of the loan helped pay off existing debt, finish planned renovations and recapture equity.
Then, from Berkadia’s proprietary bridge lending program, Jay Healy and Ed Williams arranged a $7.3 million bridge-to-HUD loan, with a 24-month term. The loan’s proceeds helped the new client purchase a 144-bed skilled nursing facility in Michigan. Built in 1962, the community was just 78% occupied at closing. But, this client specializes in acquiring and turning around struggling senior care facilities, so they are used to the hard work.
