Berkadia’s Recent Activity
Berkadia has had a busy few months, filled with financing transactions and an investment sales closing. First, Jay Healy was engaged by three separate sponsors to finance four loans that total $66 million. At the end of June, Healy closed a $20 million bridge-to-HUD loan to refinance a maturing construction loan for PruittHealth. The three-year loan, structured in partnership with a publicly traded REIT, is interest only and prepayable at any time. The property is a 90-bed skilled nursing facility in North Tampa, Florida. PruittHealth developed the community in 2022 and has operated it since. In July, Healy closed a $12.3 million bridge-to-HUD loan for a Fort Worth, Texas-based... Read More »
CFG Closes Construction Loan
Capital Funding Group and Erickson Senior Living announced the closing of a $185 million construction loan to support the first phase of construction for The Grandview, a CCRC under development in Bethesda, Maryland. Phase I of this project, known as the West Village, will feature two 14-story buildings with a total of 501 independent living units. CFG closed the financing on August 16. The Grandview, once completed, will be a seven-building senior living campus where residents will benefit from an integrated health and wellness model, including a concierge-level primary care practice and access to a full continuum of care. Developed and managed by Erickson, the community will feature... Read More »
VIUM’s End-of-Summer Surge
VIUM Capital is closing out its summer with a bang, announcing 15 transactions totaling more than $180 million in volume in July and August, alone. The majority of those closings were HUD 232/223f transactions that paid off bridge loans originally originated by VIUM over the last few years. In 2024 to date, VIUM has closed over $500 million of debt transactions, with more to come in the remaining months of the year. It is also worth noting that in less than five years since its launch, VIUM has now funded over 200 senior debt transactions in the seniors housing and healthcare real estate sector, totaling over 400 properties in more than 30 states. It is forecast to surpass $5 billion of... Read More »
PSJB Secures Bond Financing in Washington
Ziegler announced the closing of the Parkshore Juanita Bay (PSJB) $62.42 million Series 2024 bonds through the Washington State Housing Finance Commission. Ziegler pressed the max yield below 6% despite an aggressive five-year par call feature. PSJB constructed The Gardens at Juanita Bay, an assisted living community in the Juanita Bay neighborhood on the shores of Lake Washington, in 1977. And in December 2018, PSJB affiliated with Presbyterian Retirement Communities Northwest dba Transforming Age. In 2021, management announced plans to develop and convert the existing The Gardens at Juanita Bay into a new 50-unit independent living community to be named Parkshore Juanita Bay. The... Read More »
Chicago Pacific Founders & Grand Park Capital Secure Refinance
JLL Capital Markets secured $115 million in bridge financing for a seniors housing portfolio on behalf of Chicago Pacific Founders and Grand Park Capital. The refinance consists of a three-year, non-recourse loan, secured through Ally Bank to take out existing debt. The financing markets responded favorably to the strength of the ownership and asset-level performance, and the loan closed as proposed and on schedule. The four-asset Town Village Portfolio is primarily comprised of independent living and totals 852 units across Alabama, Tennessee, Oklahoma and Michigan. Built between 2000 and 2002 and having undergone renovations by the sponsors since, the assets are strategically... Read More »Schedule a demo
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