Richmond and Scottsdale – September 10, 2024 – Berkadia announced today the financing of nine seniors housing communities totaling $92.71 million located in Montana, Oregon, Arizona, and Florida, with all the deals closing since April.
Managing Directors Steve Muth and Ed Williams of Berkadia Seniors Housing & Healthcare completed the financing for a 78-unit assisted living facility in Great Falls, Montana. Muth and Williams completed the $12.6 million loan on behalf of the Northwest-based sponsor, marking another milestone with the sponsor, who has previously collaborated with Berkadia on a similar-sized deal in late 2023.The non-recourse loan featured a 12-month interest-only term and the proceeds from this loan will be utilized for the acquisition of the facility which the sponsor has been operating. Impressively, the community has sustained a stable occupancy rate over the past twelve months. Berkadia plans to submit a HUD application shortly after the closing, further demonstrating its commitment to providing comprehensive financial solutions for its clients.
Second, Williams obtained a $16.4 million 232/223f HUD loan for a repeat client of Berkadia’s based in Oregon. The loan proceeds retired bridge debt previously financed by Berkadia and Live Oak Bank. The loan is secured by a 2009 vintage 119-unit independent living, assisted living, and memory care community located on Oregon’s coast with an occupancy of 90 percent. The 65 percent LTV loan carries a term of 35 years.
Third, Williams closed a $10.64 million 232/223f HUD loan for a repeat client of Berkadia’s based in Arizona. The scattered site loan was secured by three communities totaling 85 assisted living beds located a short drive from one another within the same Arizona county. The properties had an occupancy of 95 percent and were built in 2002, 2008, and 2013. The 71 percent LTV HUD loan carried a term of 35 years and retired bank debt as well as partnership debt.
Next, Williams closed three HUD 232/223f loans totaling $37.8 million for a repeat client based in South Florida. HUD loan proceeds were used to retire bridge loans that were previously financed by Berkadia. The buildings, all located in Florida, consist of 378 skilled nursing beds and had an average occupancy of 90 percent. Each HUD loan carries a term of 35-years with an LTV ratio of 80 percent.
Lastly, Williams closed a HUD 232/223f loan of $15.27 million for a repeat client based in South Florida. HUD loan proceeds were used to retire bank debt secured by a 180-bed nursing home located in South Florida with an occupancy of 92 percent. The loan carries a term of 35-years with an LTV ratio of 72 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.
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