Berkadia Gets Busy
The team at Berkadia has been busy lately, closing seven HUD, Fannie Mae and bridge loans for a number of clients across the country. Managing Director Heidi Brunet handled five of those for two separate borrowers. First, two years after it opened, an 87-unit assisted living/memory care community in South Carolina is refinancing its construction debt with an $18.5 million, 10-year, fixed-rate Fannie Mae loan. Lease-up has evidently gone well, as occupancy stands at 93%. The same borrower also received from Ms. Brunet a $5.3 million, 10-year, fixed-rate supplemental loan through Freddie Mac to fund an expansion project at a high-end Virginia CCRC. The property was originally built in 2011... Read More »
Busy Berkadia
Berkadia has been busy so far this month, closing four transactions that ranged from Fannie Mae financing to HUD debt to a bridge loan. Starting with the largest, the team of Heidi Brunet and Jay Healy utilized Berkadia’s proprietary bridge loan program to finance the $28 million acquisition of three skilled nursing facilities, totaling 222 Medicare-certified beds, in Colorado, Kansas and Nevada. The borrower used the proceeds of the 12-month loan to fund 100% of the purchase price, plus transaction costs, and plans to refinance through HUD. Brunet and Healy also closed two HUD loans as well, including a $2.5 million, 35-year loan for a 120-bed skilled nursing facility in Sarasota,... Read More »KeyBank Arranges Over $700 Million for Blackstone’s Big Brookdale Acquisition
Blackstone and Brookdale Senior Living are in the news again. Working with KeyBank Real Estate Capital’s healthcare business, the joint venture received about $703 million in financing to fund Blackstone’s acquisition of 64 Brookdale-operated communities from HCP, Inc. A Fannie Mae credit facility makes up most the financing, which was arranged by Charlie Shoop of KeyBank and provides long-term, non-recourse, flexible financing. Meanwhile, KeyBank provided the balance from its balance sheet, in a transaction led by Peter Trazzera. The total financing represents about 62% of the $1.125 billion purchase price, which came out to approximately $188,500 per unit. That was for 100% of the... Read More »Berkadia’s Banner Year Continues
Berkadia is already having a banner year for its Seniors Housing and Healthcare team, led by Chris Honn. So far in 2017, the firm has closed over $300 million in financings, the largest being a $98 million seven-year Fannie Mae loan for a 605-unit entrance-fee CCRC in Florida. Berkadia just announced its latest transaction, also with Fannie Mae. On behalf of a new client, Heidi Brunet of Berkadia arranged a $19.5 million, seven-year loan to pay off existing construction debt. The recently leased up property in question is located in Washington State and features 120 units of independent living, assisted living and memory care. This financing will also help the new client fund upcoming... Read More »Schedule a demo
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