Berkadia announced two financings for a total of eight senior care properties. The first transaction saw the firm close a $15.25 million bridge loan for the acquisition of seven skilled nursing facilities located throughout the Midwest. Comprised of 426 operating beds, the portfolio was acquired by a first-time client of Berkadia’s. They obtained a two-year, […]
Berkadia announced a series of loan closings last month totaling $57.2 million. There were four HUD financings, including three loans totaling $26.2 million closed for a portfolio of three skilled nursing facilities in Washington. Jay Healy arranged the financing for a Washington-based owner/operator, which used the proceeds to pay off short-term debt, fund improvements to […]
As part of its larger disposition/restructuring strategy, Capital Senior Living Corporation announced in its third quarter earnings report that it sold two non-core independent living communities in Peoria, Illinois and Springfield, Missouri, generating some healthy proceeds in the process. The communities sold for a combined $64.75 million, or nearly $205,000 per unit, resulting in $14.8 […]
The HUD LEAN program had quite a fiscal year 2019, topping $3.7 billion in transaction volume across 288 transactions. The transaction number may be 1% down from the 292 closings in FY2018, but the dollar volume is up 3.6% to reach a record high for the program. HUD used to be the “lender of last […]
To say that the buyer of a portfolio of nine skilled nursing facilities located across the eastern United States was familiar with the properties may be an understatement. That is because the Tennessee-based operator has leased the buildings since 2004 and finally jumped on the opportunity to purchase the real estate. Located in Florida, Maryland, […]
Berkadia has been busy this August, closing the sale of one senior living community and arranging financing for the development of another one. Joe Leon and Michael Thagard handled the sale, which featured a 310-unit independent living community in Westminster, California. The seller was the Zinn Group, controlled by the Zinngrabe family which had owned […]
Every now and then, there is a transaction that really highlights the two diverging skilled nursing markets. On the one side are the older, traditional SNFs that struggle with high Medicaid censuses, rising physical plant costs and shrinking operating margins, and often end up selling for under $50,000 per bed, or lower. Then, there are […]
Just a few months after announcing the hiring of the HFF seniors housing team to its ranks, Newmark Knight Frank (NKF) just announced that it snagged industry veterans Heidi Brunet and Lisa Lautner from Berkadia. They will join NKF as executive managing directors and will work with Sarah Anderson on the firm’s seniors housing debt […]
Tim Cobb of Berkadia Senior Housing Investment Sales sold an assisted living/memory care community in Federal Way, Washington, working on behalf of the seller, Columbia Pacific Advisors. Built in 1997, the target comprises 87 units and 104 beds. It will be taken over by a joint venture involving Harrison Street Real Estate Capital and Gencare […]
Berkadia jumped out of the 2019 gates with four HUD closings totaling $40 million. Ed Williams secured the largest loan, $14 million in financing for a skilled nursing facility in Pennsylvania. The loan proceeds were used to retire existing bank and related partner debt for the borrower. Next, Mr. Williams and Jay Healy headed to […]