Berkadia Finances Idaho Assisted Living Acquisition
Berkadia arranged acquisition financing for two assisted living/memory care communities in Idaho. Managing Director Jay Healy and Associate Director Andrew Lanzaro secured the $7.8 million bridge-to-HUD loan with an interest-only term of 18 months and a six-month extension option. The communities were built between 1996 and 1999 and contain an average Medicaid census of 75%. Combined occupancy had declined slightly in 2021 but rebounded to the mid-90% range by the end of 2022. The communities also benefited from a change to Idaho Medicaid reimbursements on July 1, 2022, resulting in a revenue boost of about $40,000 per building per month. The California-based buyer owns 18 seniors housing... Read More »
Berkadia Arranges Acquisition Financing through Fannie Mae
Berkadia helped finance the acquisition of Prairie House, a 105-unit assisted living/memory care community in Broken Arrow, Oklahoma. Managing Directors Chris Cain and Rafael Nobo of Berkadia Seniors Housing & Healthcare secured $16.74 million in acquisition financing through Fannie Mae on behalf of the buyer, Wichita, Kansas-based Legend Senior Living. The 10-year loan featured a 5.68% interest rate, a 30-year amortization schedule and a 65% loan-to-value ratio, which puts the purchase price at $25.75 million, or $245,300 per unit. Built in 2017 with 73 assisted living and 32 memory care units, Prairie House is Legend’s fourth Tulsa-area community and 11th community in the state. The... Read More »
Berkadia and Live Oak Bank Close Four Bridge Loans
Berkadia Seniors Housing & Healthcare partnered with Live Oak Bank to close four bridge-to-HUD loans totaling $86 million in the first quarter of 2023. The partnership, which started in October 2022, has closed $143 million of bridge-to-HUD and GSE transactions to date, the majority of which have been structured as A/B notes with Berkadia funding the B-note. The interest-only loans typically carry terms of 24 months with rates floating over one-month term SOFR. They facilitated purchases and refinances of four assisted living/memory care communities, two skilled nursing facilities, and one independent living community, all scattered throughout the country. Managing Director Jay Healy... Read More »
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 »Schedule a demo
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