CHARLESTON, South Carolina – August 4, 2024 – Berkadia announced today the financing of four loans totaling $66 million. Managing Director Jay Healy of Berkadia Seniors Housing & Healthcare completed the financings on behalf of the borrowers.
At the end of June, Healy closed a $20 million bridge-to-HUD loan to refinance a maturing construction loan for PruittHealth. The three-year loan, structured in partnership with a publicly traded REIT, is interest only and prepayable at any time. The property is a 90-bed skilled nursing facility located in North Tampa, Florida. Atlanta-based PruittHealth developed the community in 2022 and has operated it since that time.
In July, Healy closed a $12.3 million bridge-to-HUD loan for a Fort Worth, Texas-based owner and operator of nursing homes. The 18-month, interest-only bridge loan covered 100 percent of the cost to purchase the leased fee interest of a 120-bed skilled nursing facility located in El Paso, Texas. The sponsor has successfully operated the property since its opening in 2018. It is anticipated that Berkadia will close the subsequent HUD refinance in the first half of 2025.
Finally, utilizing HUD’s 232/223(f) program, Healy closed two loans totaling $33.1 million for a repeat client headquartered in Seattle, Washington. HUD loan proceeds were used to retire bridge loans that were previously financed by Berkadia and Live Oak Bank and to fund capital improvements. The buildings, both located in Washington, consist of a 105-bed skilled nursing facility and a 147-unit independent living/assisted living community. Each HUD loan carries a term of 35 years with an average LTV ratio of 71 percent. Both projects were well-occupied at the time of closing, with the skilled nursing facility at 88 percent and the 2007-built independent living/assisted living building boasting an occupancy rate of 99 percent.
Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for even the most complex active adult, independent living, assisted living, memory care and skilled nursing projects across the country. In addition to deep market knowledge, the group offers a full set of investment sales, advisory, underwriting, loan origination services and products including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.
###
© 2024 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.This advertisement is not intended to solicit commercial mortgage company business in Nevada.
In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc.under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050.
Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: http://www.berkadia.com/licensing.
###
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
