Berkadia Closes Four HUD 232/223F Loans for $64.4M in Total Financings
Charleston, South Carolina – June 23, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today that within the past 30 days, Managing Director Jay Healy and Director Andrew Lanzaro of Berkadia Seniors Housing & Healthcare have closed four HUD 232/223(f) loans totaling $64.4 million in aggregate proceeds. The HUD loans were obtained on behalf of three sponsors and are secured by three seniors housing communities and a nursing home spanning Hawaii, Texas, and Washington. Each loan carries a fully amortizing 35-year term.
The first transaction was a $18 million refinance for a San Marcos, Texas-based owner/operator of assisted living and memory care communities. The proceeds were used to retire bank construction debt and convertible ownership debt utilized to develop the 94-unit assisted living and memory care community located in College Station, Texas. The community opened in 2020 and had an occupancy rate of just under 90% at the time of closing.
The second transaction was a $18.5 million loan secured by an 82-unit, 2004-vintage assisted living and memory care community located in Lihue, Hawaii. The borrower is a Bellevue, Washington-based owner/operator and repeat customer of Berkadia. HUD loan proceeds were used to refinance maturing agency debt and fund capital improvements, helping the property remain competitive for years to come. The community, the only one of its kind on the island of Kauai, was nearly 100% occupied at the time of closing.
Berkadia also closed a $15 million HUD loan for the same client to refinance a Berkadia and Live Oak Bank A/B bridge loan, as well as mezzanine debt. The HUD loan is collateralized by a 99-unit assisted living community in Newcastle, Washington that was originally developed by the sponsor in 2008.
Lastly, Berkadia secured a $13 million refinance for a Fort Worth, Texas-based owner/operator of skilled nursing facilities. The HUD loan paid off a Berkadia bridge loan that previously funded the purchase of the 1987-built, 120-bed skilled nursing facility located in El Paso. The sponsor has operated the 120-bed facility since 2018 and was able to leverage the equity they created through successful operations to secure 100% of cost on the acquisition financing.
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. With deep market knowledge, Berkadia Seniors Housing & Healthcare offers a full set of capital markets advisory, underwriting, loan origination services and products including FHA/HUD, Fannie Mae, Freddie Mac, Life Company, and Proprietary Bridge Lending.
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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