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NEW YORK CITY — Berkadia has provided $25.8 million in financing for the acquisition of two memory care facilities located in upstate New York.
The bridge loans feature a 24-month interest-only term with one 12-month extension option. Steve Muth and Ed Williams of Berkadia arranged the financing through Berkadia’s Proprietary Lending Group on behalf of the West Coast-based borrower.
Together, the two facilities total 116 beds and were 94 percent occupied at the time of financing. The existing operator will remain in place following the acquisition.