Berkadia Announces Three Hires
There was some big news out of Berkadia, which announced the addition of Managing Directors Austin Sacco, Cody Tremper and Mike Garbers to its Seniors Housing & Healthcare team. Tremper and Garbers will report to SVP and Co-Head of Investment Sales and Production Mike Miner, and Sacco will report to SVP and Head of FHA and Seniors Housing Finance Steve Ervin. The trio bring a combined 48 years in the seniors housing industry with experience across a variety of asset classes. Coming from JLL, Garbers has over 20 years of experience in the seniors housing industry and has been involved in developing, acquiring and selling over $8 billion in seniors housing properties throughout the... Read More »Live Oak Bank/Berkadia Close Utah Loan
Live Oak Bank closed a $16.3 million A/B unitranche loan for an owner/operator of skilled nursing facilities in Utah. Berkadia Commercial Mortgage’s Seniors Housing & Healthcare Group assisted in the process, too. The financing provided bridge-to-HUD debt for a 38-bed transitional care/skilled nursing facility that opened in 2019 and provides short-term rehabilitation services. The loan announcement comes after Live Oak Bank closed a $13 million loan to refinance a 94-unit assisted living/memory care community in Lawrenceville, Georgia. That property also opened in 2019 and was leasing up when the pandemic began. So, the loan allows for additional time to fill the community before a... Read More »
Berkadia Arranges Active Adult Sale and Financing
Berkadia Institutional Solutions announced the sale and financing of a 55+ rental community in Dallas, Georgia. Earlier this month, Levin Pro LTC covered the sale of the community, which was Hardy Springs, a 149-unit single-story, built-for-rent community in the Atlanta suburb. Managing Director Russ Hardy of Berkadia Atlanta and Directors Brooks Minford and Simona Wilson of Berkadia Seniors Housing and Healthcare completed the $47.75 million, or $320,000 per unit, sale on behalf of the seller, Georgia-based Highlands Residential. John Bray of Berkadia arranged acquisition financing through Fannie Mae to support the transaction. The buyer is South Carolina-based and emerging active adult... Read More »
Berkadia Closes Seven Financings
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... Read More »Schedule a demo
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