Madison, Alabama – August 7, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the successful refinancing of Monark Grove Madison, a Class A, 132-unit, independent living and memory care community developed and owned by Michigan-based KIRCO. Managing Directors Steven Muth and Austin Sacco, Senior Director Garrett Sacco, and AVP of Originations Alec Rosenfeld of Berkadia Seniors Housing & Healthcare secured a loan through a national bank. The deal closed on July 15.
“We are pleased with the successful outcome of this refinancing, which was a highly competitive process,” said Muth. “Securing a favorable quote from a prominent national lender underscores the strength of the bank and debt markets as seniors housing continues its robust growth trajectory.”
KIRCO Vice President of Senior Living, Matt Coughenour, added: “We are grateful for Berkadia’s partnership and expertise in navigating this refinance. Monark Grove Madison reflects our commitment to delivering best-in-class senior living environments, and this financing helps position the property for continued long-term success.”
Alabama-based Atlas Senior Living manages Monark Grove and is widely regarded as a best-in-class management company in the Southeast, headquartered in Birmingham, Alabama.
The property affords convenient access to Madison Hospital, multiple shopping centers, Huntsville International Airport, and Madison Golf Center. Monark Grove was built in 2022 and features 105-independent living units and 27-memory care units with amenities including 24-hour onsite-staff, state-of-the-art fitness center, chauffeured transportation, and an outdoor pool with aerobic classes.
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.
About KIRCO:
Founded in 1974, KIRCO is a commercial real estate development and investment firm, whose comprehensive offerings as a national developer, builder (KIRCO MANIX), and facilities manager, builds excitement and pride with every customer and community with whom it works. KIRCO has concentrated focuses in senior living and healthcare, and client-driven corporate facilities. KIRCO is third-generation family owned and operated, with operations in 21 states. For information, please visit www.KIRCO.com.
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