Berkadia Bags Four HUD Financings
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 Michigan to arrange a $9.06 million loan on behalf of a SNF there. The Midwest-based owner/operator borrower purchased the 139-bed facility in May 2017 from a not-for-profit seller. Back then, Berkadia provided the bridge financing to fund 100% of the acquisition costs plus a significant renovation. The HUD refinance retires that Berkadia bridge loan. Mr. Williams... Read More »
Berkadia’s Big End-of-Year Closing
Berkadia headed out of 2018 with a bang, closing a credit facility that totaled more than $200 million. Secured by 19 senior living communities owned by Capital Senior Living Corporation, the facility came with both fixed and variable interest rates, a 10-year term and 30-year amortization schedule financed through Fannie Mae. Approximately $150.8 million of the debt had the fixed rate and over $50.2 million featured the variable rate. Berkadia’s Lisa Lautner originated the transaction, closing right before Christmas. Read More »
Berkadia Closes First Freddie Mac Structured Pool Transaction For Seniors Housing
Berkadia combined both fixed and variable rate debt in their latest transaction closed on behalf of Brookdale Senior Living. Using Freddie Mac’s new Structured Pool Transaction program, Heidi Brunet and Lisa Lautner secured 10-year, non-recourse financing with a 30-year amortization schedule split between a $213 million fixed-rate component and a $114 million variable-rate component. Some 28 properties and 2,200 units were refinanced with the loans, and through Freddie Mac’s Green Advantage program they will be able to make environmental upgrades. This is the first Structured Pool Transaction in the seniors housing industry, but with the interest rate risk diversification it provides, look... Read More »
Berkadia Bonanza
Berkadia closed over $200 million in loans this month, in both its Proprietary Bridge Lending and Commercial Mortgage platforms. Beginning with its agency transactions, Berkadia’s Jay Healy secured HUD loans totaling over $36 million for two skilled nursing facilities clients. The larger loan, at $29.5 million, was arranged on behalf of a repeat client of Berkadia to retire bridge debt used to acquire three skilled nursing facilities in Colorado, Kansas and Nevada. Acquired in 2017, the facilities total 110 beds and average 94% occupancy. The smaller $6.7 million loan refinanced a 47-bed, 11-year old SNF in New Mexico owned and operated by two other repeat clients of Berkadia. Then, Rafael... Read More »Schedule a demo
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