Berkadia’s Recent Activity
Jay Healy of Berkadia announced a series of financing closed on behalf of seniors housing clients in North Carolina and the West Coast. The largest was a $29 million HUD loan closed for a Scottsdale, Arizona-based owner/operator. The loan facilitated the release of a 117-unit assisted living/memory care community in Bakersfield, California, that was part of a collateral package for a bank loan secured by multiple properties. The borrower began operating the 1998-built community in May of 2019 when occupancy was 79% and subsequently purchased it from the REIT landlord in April of 2022. Occupancy at the time of the HUD closing had increased to the low 90% range. Healy also closed two bridge... Read More »
SNF Portfolio Receives Financing
CIBC Bank USA provided a $15 million working capital revolving line of credit for a portfolio of skilled nursing facilities in Maryland. Historical performance trended positively over the last year, as the facilities improved census and operating leverage. Going forward, occupancy and operating margins are expected to further improve. Dan Forrer handled the transaction for CIBC Bank USA. Read More »
California Communities Secure Financing
MONTICELLOAM, LLC, a specialized multifamily and seniors housing bridge lending platform, closed an $87.15 million bridge loan for 39 residential assisted living communities in Fresno, California. Expanding their relationship with MonticelloAM, the borrower plans to use the bridge loan proceeds to refinance the existing debt on the properties with the intent to secure long-term financing. Read More »
Illinois Seniors Housing Community Secures Refinancing
BMO’s Healthcare Real Estate Finance group acted as sole lender on a term loan that refinanced a trophy seniors housing asset owned by a joint venture between Dial Senior Living and Harrison Street. The Landings was built in 2021 by the joint venture in Batavia, Illinois (Chicago MSA). It features 62 independent living, 56 assisted living and 24 memory care units, and was over 98% occupied at the time of closing. In order to take out the original three-year (with a one-year extension option) construction loan, BMO provided the new loan. The non-recourse loan has a three-year term and a full term of interest only. Newmark arranged the debt. Read More »
BMO Provides ReNew REIT Financing
BMO’s Healthcare Real Estate Finance group closed on a $57.8 million credit facility to a joint venture between ReNew REIT and Heritage Senior Living for the recapitalization of existing debt on Keystone Villa at Douglassville, a Class-A seniors housing community in Douglassville, Pennsylvania. BWE’s Ryan Stoll and Taylor Mokris secured the loan featuring a non-recourse structure prepayment flexibility, a competitive rate and full term of interest-only payments. The transaction represents a new lending relationship for the borrower. Originally built in 2011 as a 125-unit assisted living/memory care community before a 123-unit independent living building was added in 2015, the... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
