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 »
Two HUD Loans and a Bridge Financing from Berkadia
A couple of five-star skilled nursing facilities in western states refinanced through HUD with the help of Berkadia Seniors Housing & Healthcare. First, Jay Healy closed an $8.3 million loan to refinance an existing Berkadia/Live Oak Bank bridge loan secured by a 60-bed SNF in Idaho. The 80% LTV, 35-year loan retired the bridge debt used by the Idaho-based owner/operator to acquire the real estate in February 2023. Built in 2017, the facility had occupancy above 90% at the time of closing, with a Medicare census surpassing 20%. In a similar deal, Berkadia closed a $16.7 million loan to refinance another existing Berkadia/Live Oak Bank loan on a 38-bed SNF in Nevada. Its Utah-based... Read More »
Berkadia’s Latest Two Refinances
Berkadia refinanced a couple of senior care facilities, including a large HUD financing for a 320-bed skilled nursing facility in New York City. Owned by a Northeast-based operator, the facility serves downtown Brooklyn and maintained strong occupancy, even during the pandemic. Census also grew throughout 2023, surpassing 90% at the time of the closing with a 20% Medicare mix. To pay off existing commercial bank debt as well as transaction costs, Berkadia’s Ed Williams and Richard Price secured a $62.1 million million HUD loan on behalf of the client. The 80% loan-to-value financing included a term of 35 years. Next, Jay Healy and Andrew Lanzaro arranged a $14.4 million bridge loan... Read More »Schedule a demo
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