FOR IMMEDIATE RELEASE
Richmond, Virginia – February 14, 2025 – Berkadia, a leader in the commercial real estate industry, announced the successful arrangement of $25.6 million in bridge financing for an assisted living facility in Spokane, Washington
Earlier this month, Managing Directors Steve Muth and Austin Sacco, along with Senior Director Garrett Sacco of Berkadia Seniors Housing & Healthcare, secured the financing through Berkadia’s bridge lending program for a valued Pacific Northwest sponsor and repeat client. The funds were used to retire existing debt on the community and return capital to the sponsor. At the time of underwriting, the facility boasted an 89% occupancy rate. The loan, featuring a 12-month interest-only term, is expected to qualify for a reduced debt seasoning period due to the facility’s strong operational history, allowing for immediate submission to HUD upon closing, with a cap at 70% LTV.
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.
###
© 2025 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.
###
Media Contact:
Page Lowry
Berkadia Commercial Mortgage
610.812.2229
Page.Lowry@berkadia.com
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
