Washington AL Community Secures Financing
Berkadia announced the arrangement of $25.6 million in bridge financing for an assisted living community in Spokane, Washington. Steve Muth, Austin Sacco and Garrett Sacco secured the financing through Berkadia’s bridge lending program for a Pacific Northwest sponsor and repeat client. The funds were used to retire existing debt on the community and return capital to the sponsor. At the time of underwriting, the facility boasted an 89% occupancy rate. The loan, featuring a 12-month interest-only term, is expected to qualify for a reduced debt seasoning period due to the facility’s strong operational history, allowing for immediate submission to HUD upon closing, with a cap at 70%... Read More »
Berry Weiss Secures Financing for Long Island AL/MC Portfolio
MONTICELLOAM announced the financing of a $115 million senior bridge loan for a portfolio of assisted living and memory care communities in Long Island, New York. The portfolio comprises four communities built between 1959 and 1974 with 567 units across 26.21 acres. A repeat MONTICELLOAM client, the sponsorship group, downstate New York owner/operator/private investor Berry Weiss, utilized proceeds from the financing to acquire the communities and plans to improve operations by expanding the services offered across 1,000 beds. The transaction carries a 36-month initial term with two six-month extension options. Senior Living Investment Brokerage handled the sale of the portfolio in... Read More »
KeyBank Provides Construction Financing
KeyBank Community Development Lending and Investment (CDLI) provided construction financing to a to-be-built affordable seniors apartment community in Pittsburgh, Pennsylvania. The package consisted of a $27 million construction loan and a $14.4 million private placement permanent loan to finance the adaptive reuse of the First & Market office building. First & Market building will introduce 93 units, complete with accessibility features, sustainable building practices, and proximity to public transit, healthcare and other downtown amenities. The sponsor, Beacon Communities, broke ground on the project last month. All 93 units will be restricted to the 62+ senior population and... Read More »
Radiant Senior Living Secures LifeCo Loan
Berkadia announced the closing of an $11.35 million refinance with a life insurance company for La Conner Retirement Inn, a seniors housing community in La Conner, Washington. The community, owned by Radiant Senior Living, features 67 independent living and assisted living units. Steve Muth, Ed Williams, Garrett Sacco and Alex Rosenfeld handled the transaction on behalf of Berkadia. The loan features a multi-year term with an attractive fixed interest rate, an initial period of interest-only payments, a long-term amortization schedule, and a conservative loan-to-value ratio. Read More »
Roers Companies Secures Refinancing for MN Active Adult Community
Thorofare Capital, an affiliate of asset management platform Callodine Group LLC, provided a $42.9 million bridge loan to refinance Risor of St. Louis Park, a 170-unit active adult community in St. Louis Park, Minnesota. The borrower, Roers Companies, will use the financing primarily to retire an existing construction loan on the Class-A property. Completed in November 2023, the community is 78% leased. Scott Loving, William Hintz, Scott Streiff and Gary Marchiori of JLL arranged the loan. Read More »Schedule a demo
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