Berkadia Provides Pacific Northwest Financing
Berkadia Seniors Housing & Healthcare announced a combined $48 million in financing for three seniors housing communities in the Pacific Northwest. First, in Washington, Berkadia refinanced a 105-unit assisted living community through Freddie Mac. The borrower secured a $27 million, sub-60% LTV loan, with a 10-year interest-only term. Built in 2015 in Washington, the community was 92% occupied at the time of the refinancing, performing well during the pandemic. Next was a $16.21 million acquisition bridge loan arranged for an assisted living/memory care community in Washington. Berkadia provided the loan plus funding for capex and closing costs through its proprietary lending program.... Read More »
Berkadia Adds Steve Muth to Team
M&A and lending activity is on the up as investors look to re-enter or expand their presence in the market, and Berkadia is growing their team to handle what they expect will be a busy year. The company has added Managing Director Steve Muth to Berkadia Seniors Housing & Healthcare, serving on the mortgage banking platform. Mr. Muth will report to SVP, Head of FHA and Seniors Housing Finance Steve Ervin. Berkadia Seniors Housing & Healthcare closed more than $600 million in combined investment sales and financing in 2021 and ended the year as the top-ranking Freddie Mac Lender for Seniors Housing. The team’s 42 transactions encompassed a range of property types across the... Read More »
Berkadia Refinances Five SNFs Across the Country
Berkadia Seniors Housing & Healthcare recently announced $47 million in financing for five skilled nursing facilities across the country. Managing Director Jay Healy secured the financing on behalf of the borrowers. First, we have the HUD refinancing of a 40-bed/unit, Medicare-only SNF in Sacramento, California. The $14.45 million, 48% LTV HUD loan retired the construction debt and covered transaction costs for the California-based client. That puts the value of the property at $29.65 million, or around $740,000 per bed. We’ve heard of the high values SNFs command these days, but nothing like that. However, it was built in 2019, was certified for Medicare in August 2019 and only... Read More »
Berkadia Closes Sales in Florida and Virginia
Berkadia’s Tim Cobb and Brooks Minford have announced the closing of two seniors housing communities in Florida and Virginia. First was the sale of Homestead Village Retirement Community, a 176-unit community in Pensacola, Florida. Built in 1993, the community consists of independent, assisted living and memory care units. Twin Light Capital purchased the property from an Alabama-based not-for-profit, and the company intends to implement capital and operational improvements. The not-for-profit decided to sell the community after deciding to focus its efforts on their communities within Alabama. The other deal saw Virginia-based Robertson Liebler sell Edgeworth Park at New Town, an... Read More »Schedule a demo
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