Berkadia Refinances Portfolio of Florida Memory Care Communities
Berkadia’s Seniors Housing & Healthcare Group refinanced a portfolio of six small memory care communities in central Florida. When we say small, we mean it, as each property featured six units. Occupancy was a combined 99% at the time of underwriting and has consistently been fully occupied with a waiting list. Berkadia processed the transaction on behalf of the California-based sponsor as a scattered site loan through HUD. The $5.16 million loan represented a 60% loan-to-value ratio and came with a 34-year term. It retired a short-term bridge loan that was arranged in June 2020 to retire several small individual property loans. Ownership was also able to extract... Read More »
Walker & Dunlop Arranges HUD Financing for Seven SNFs
The Chicago-based Walker & Dunlop HUD Finance Team announced that it has structured a combined $126.65 million in financing for seven skilled nursing facilities located throughout the Northeast and Midwest. Joshua Rosen led the origination team on the deal. Four of the properties received financing from the LEAN program, while the three others went through the agency’s loan modification program. The loans included terms ranging from 30 to 34 years. Three of the properties are located in Massachusetts (Brockton, Chelsea and Fall River), three in Illinois (Chicago, Niles and Northbrook) and one in Romeo, Michigan. Read More »
Housing & Healthcare Finance Announces HUD Activity
Housing & Healthcare Finance (HHC Finance) closed over $83 million in HUD loans during the month of February. The firm kicked off its activity with a $24 million loan for a large 280-bed skilled nursing facility in New Jersey. That was followed by two more HUD loans totaling $46 million closed for SNFs in Maryland and Illinois. Finally, HHC Finance took out previous HUD debt for a long-term customer in Connecticut with a new $13 million loan closed through the (a)7 program. Each loan came with interest rates in the low-2s and terms ranging from 30 to 35 years. HHC Finance rounded out its February activity with over $115 million of loan modifications closed for clients in Missouri,... Read More »
PGIM Refinances Virginia Seniors Housing Community
PGIM Real Estate’s Seniors Housing and Healthcare Group refinanced a 57-unit seniors housing community in Lynchburg, Virginia with a new HUD loan, providing the owner with substantial annual loan payment savings. That makes for a happy client. Family-owned and operated Runk & Pratt was the borrower, closing its second transaction with PGIM in the last 10 months. The community was built in the 1980s and boasted 95% occupancy. It previously had a HUD mortgage holding an interest rate of 4.25%. However, Christopher Fenton and Catherine Eby arranged a new $13.2 million loan that both extended the borrower’s loan maturity and lowered the interest rate to 3.03%. That results in annual debt... Read More »Schedule a demo
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