Berkadia Finances Clarendale Clayton
Berkadia refinanced Clarendale Clayton, a best-in-class seniors housing community in Clayton, Missouri (St. Louis MSA), that offers the full continuum of care in a high-end, resort-style setting. Opened in 2021, the 13-story property features 283 units of independent living, assisted living and memory care (195 IL, 66 AL and 20 MC). Managing Director Austin Sacco of Berkadia Seniors Housing & Healthcare arranged financing through a national bank on behalf of the borrower, a joint venture between Harrison Street, Ryan Companies US, Inc., and Life Care Services (LCS). The $82.45 million floating rate loan (or $291,000 per unit) featured an attractive interest rate and five years of... Read More »
Berkadia Secures $48 Million in HUD Refinancings
Berkadia announced the closing of $49.4 million in 232/223f HUD refinancings across five transactions in four states. The loans carried an average loan-to-cost of 75% and an average term of 33 years. Four of the loans refinanced bridge loans closed from Berkadia’s proprietary balance sheet. Steven Muth and Rafael Nobo originated a $15.95 million 232/223f HUD loan on a 73-unit seniors housing community in Northern Virginia for a Mid-Atlantic-based owner/operator. The community featured primarily assisted living and memory care services, with some independent living units. Occupancy was 94% at the time of closing. The 35-year fixed rate loan represented 77% LTC and retired a Berkadia bridge... Read More »
Berkadia Closes Transaction Trio
The Berkadia team consisting of Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders closed out the first quarter with three transactions arranged on behalf of a publicly traded REIT. The largest property sold was a 104-unit assisted living/memory care community in Florence, Kentucky. Located about 10 miles southeast of Cincinnati, Ohio, the community was built in 2007 and was not performing at the time of the sale, with the Cincinnati Business Courier reporting that occupancy recently improved from under 50% to 60%. It appears to be Inspirations of Florence, which was previously operated by Grace Management. Multiple sources identified the buyer as a partnership between a... Read More »
Berkadia Closes Four HUD Loans
Berkadia Seniors Housing & Healthcare recently announced the closing of four loans totaling $56.6 million in volume through HUD’s 232/223f program, all of which achieved the program’s maximum loan term of 35 years. First, Ed Williams closed a $14.5 million loan secured by a 139-bed skilled nursing facility in South Florida for a repeat Florida-based client. The loan refinanced a bridge loan that Williams placed in 2019 and a subsequent cash-out, borrow-up originated by the senior lender in August of 2022. Berkadia closed the HUD refinance 13-months from the borrow-up by qualifying the project under HUD’s reduced seasoning guidelines. The community appraised for $164,000 per bed and was... Read More »Schedule a demo
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