Charleston, South Carolina– September 3, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today that within the past 45 days, Managing Director Jay Healy and Director Andrew Lanzaro of Berkadia Seniors Housing & Healthcare have closed thirteen loans totaling $178 million in proceeds. Included in the total were nine HUD 232/223(f) loans for $102 million plus another five bridge-to-HUD loans amounting to $76 million.
In July, Healy and Lanzaro secured $58.3 million in financing for four skilled nursing facilities in Texas for a Fort Worth-based owner/operator and repeat Berkadia client. The first loan was a $13.7 million HUD 232/223(f) loan for a 104-bed community in Maverick County, Texas, which refinanced a Berkadia bridge loan originated in 2024 to facilitate the acquisition of the leased fee interest in the 2016 vintage community. The sponsor, who’s operated the community since 2019, leveraged equity from successful operations to secure 100% of the acquisition cost. Additionally, Healy and Lanzaro utilized Berkadia’s balance sheet to provide two bridge-to-HUD loans totaling $44.6 million for the acquisition of three skilled nursing facilities consisting of 375 operating beds. The portfolio spanned Brown, Dallas, and El Paso counties.
Also in July, Healy and Lanzaro closed two bridge loans totaling $31.5 million for two owner/operators headquartered in Olympia, Washington and Scottsdale, Arizona. Both loans carried a 24-month, interest-only terms with six-month extension options. The first was a $14.5 million bridge-to-HUD loan for a client to retire construction debt on a 2021 developed, 62-unit / 70-bed memory care community located in Puyallup, Washington. The loan was structured through an A/B arrangement with Coastal States Bank with Berkadia funding the subordinated debt. Healy and Lanzaro followed that up by again tapping Berkadia’s balance sheet to close a $17.0 million bridge-to-HUD loan for a 109-unit / 122-bed assisted living and memory care community in Vacaville, California. The loan refinanced bank debt that has been utilized by the sponsor for the acquisition in 2022.
In August, the pair closed $68.8 million through HUD’s 232/223(f) program for seven skilled nursing facilities in Connecticut totaling 1,049 beds. The client, a Connecticut-based owner/operator, had previously executed a sale-leaseback with a REIT in 2017 before re-acquiring the properties in May 2024. The portfolio acquisition was financed via two separate bank loans that were subsequently paid off with the HUD loan closings. The HUD debt also
covered significant capital improvements at the three of the seven buildings. At closing, the portfolio boasted average occupancy of 93% with average star ratings above three.
Finally, Healy and Lanzaro provided a $19.3 million loan through HUD’s 232/223(f) program for a 170-bed assisted living and skilled nursing facility located in Dallas, Texas. Constructed by a Texas based provider in conjunction with the Dallas County Housing Authority in 2016, the community offers residents an affordable assisted living option though Section 8 and Medicaid waiver. The building is one of only two such communities in Dallas, both owned by the sponsor. Healy had previously closed a HUD loan on the sister project in 2021.
The momentum is expected to continue into the fourth quarter of 2025, as Healy and Lanzaro have secured six HUD firm commitments totaling $60 million within the past two weeks.
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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