Charleston, South Carolina – January 6, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today that in the fourth quarter of 2025, Berkadia’s Managing Director Jay Healy and Director Andrew Lanzaro closed ten loans totaling $103 million. The activity included seven HUD 232/223(f) loans for $70 million and three bridge loans totaling $33 million. The transactions financed eleven communities across nine states for four separate sponsors.
Among these transactions were three loans totaling $26 million for a repeat Berkadia client based in El Segundo, California. This included $19 million for two 80% LTV, 35-year, fully amortizing HUD 232/223(f) loans that refinanced Berkadia bridge loans originally closed in early 2025. Those bridge loans financed the acquisitions of a 2016-vintage, 48-bed memory care community in Ashland, Oregon and a 2019-vintage, 60-unit assisted living and memory care facility in Clinton Township, Michigan, which was sold by Berkadia’s Seniors Housing Investment Sales arm. Both HUD loans paid off the Berkadia bridge debt, HUD transaction costs, and related-party acquisition debt. The pair also utilized Berkadia’s balance sheet to provide a $7.0 million bridge-to-HUD loan for the acquisition of a 47-unit assisted living facility in Denton, Texas. The loan represented 68% of total cost and featured a 24-month interest-only term with one 6-month extension option, at which point the loan begins to amortize. Originally built in the 1960s, the community was extensively renovated in 2020, consisting entirely of studio units serving the under-served middle market, and was nearly 100% occupied at closing. A HUD refinance is expected to close in the second quarter of 2026.
The pair also closed three loans totaling $36 million for a Georgia-based owner/operator and repeat Berkadia client. First, Healy and Lanzaro originated a $12.9 million Berkadia bridge loan for the acquisition of a 109-unit assisted living and memory care community in Clearwater, Florida, originally built in 2001 and renovated in 2021. The sponsor, which is expanding its Florida footprint, has designated Clearwater as a growth area. Proceeds covered 75% of the purchase price and planned capital improvements, and the loan featured a 24-month interest-only term with one 6-month extension option, after which the loan begins to amortize.
Next, in November, they used the HUD 232/223(f) program to provide a $9.6 million loan for a 66-bed skilled nursing facility in Houston County, Georgia, originally built in 1966 and extensively renovated with an addition completed in 2020; the community was 90% occupied at closing. The 80% LTV, 35-year fully amortizing HUD loan refinanced the Berkadia bridge loan created with the acquisition as well as transaction costs. Finally, they utilized Berkadia’s balance sheet to close a $13.2 million bridge-to-HUD loan for the acquisition of a 182-bed skilled nursing facility in DeKalb County, Georgia, being sold by a nonprofit. The sponsor obtained 100% of cost financing by adding an unencumbered skilled nursing community in Fairfield County, South Carolina, to the collateral pool. The loan featured a 24-month interest-only term with one 6-month extension option, at which point the loan begins to amortize.
Staying in the Southeast, Healy and Lanzaro closed a $12.1 million HUD 232/223(f) loan for a 140-bed skilled nursing facility in Person County, North Carolina, on behalf of a North Carolina–based owner-operator and repeat Berkadia client. The 80% LTV, 35-year fully amortizing HUD loan retired a Berkadia bridge loan, transaction costs, and related-party acquisition debt. Berkadia had originally provided the 80%-of-cost bridge loan in November 2024 to enable the operator to exercise a purchase option on the community, which they had operated since February 2020. Because the purchase option was in the money, the HUD takeout ultimately financed roughly 90% of the total acquisition cost.
Finally, in December, Healy and Lanzaro closed three HUD 232/223(f) refinancings totaling $29.5 million for a Connecticut-based owner/operator and repeat Berkadia client. The collateral consisted of three skilled nursing facilities totaling 241 beds—two in Hartford County Connecticut and one in Hampden County Massachusetts. One Connecticut facility was the first long-term care nursing center specializing in the care of justice-involved individuals, while the Massachusetts facility primarily serves residents with stigmatizing factors who may be difficult to place in traditional long-term care settings. HUD proceeds were used to refinance bank debt and cover transaction costs. Berkadia helped structure the original bank financing with an earn-out feature, allowing the borrower to access additional cash-out proceeds before the HUD takeout. At closing, all three communities were more than 95% occupied.
These closings brought the pair’s combined 2025 production to $489 million, including $251 million in HUD closings and $238 million in balance sheet lending across 32 transactions. Their momentum is expected to continue into 2026, with several large HUD closings slated for the first quarter.
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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