IDAHO, NEVADA and OREGON — Berkadia Seniors Housing & Healthcare has arranged a total of $40.8 million in financing for a skilled nursing facility in Idaho, transitional care facility in Nevada, and an independent living, assisted living and memory care community in Oregon.
For the Idaho property, Jay Healy closed an $8.3 million 232/223(f) HUD loan to refinance a Berkadia and Live Oak Bank bridge loan for the asset’s acquisition. The five-star, 60-bed facility was built in 2017. The loan features an 80 percent loan-to-value ratio and 35-year term. Occupancy exceeded 90 percent at the time of closing with a Medicare census mix north of 20 percent.
For the Nevada property, Berkadia closed a $16.7 million 232/223(f) HUD loan secured by the 38-bed, five-star facility. The asset was constructed in 2019 and was 95 percent occupied at the time of closing with a Medicare census mix of 85 percent. The Utah-based operator used the HUD loan proceeds to pay down the Berkadia and Live Oak Bank bridge loan that facilitated the purchase of the real estate from the developer in November 2022.
Ed Williams of Berkadia partnered with Live Oak Bank to originate a $15.8 million loan for the 119-unit community on the Oregon coast. The bridge financing features a 64 percent loan-to-value ration and 18-month term. Loan proceeds were used to retire CMBS debt, buy out investors and cover transaction costs. In conjunction with the bridge closing, the real estate ownership was converted to a HUD-compliant structure for immediate submission as a HUD 232/223(f) refinancing, which Berkadia expects to close in early 2024.