TULSA, Okla. — Berkadia Seniors Housing & Healthcare has arranged $5.6 million in financing for a 54-unit, 111-bed skilled nursing facility located in Muskogee County, located southeast of Tulsa.
Jay Healy of Berkadia Seniors Housing & Healthcare secured the loan on behalf of the undisclosed borrower.
The loan was refinanced through HUD’s 232/223(f) program. The $50,100-per-bed, 35-year loan represented 50 percent of the property’s value.
The project was originally constructed in 1974 and features 58 ventilator beds. Historical occupancy has averaged 75 percent.
“The 232/223(f) Program presented the sponsor a great opportunity to consolidate and refinance existing bank debt,” says Healy. “Given the property’s sustained occupancy and high vent bed usage, we expect it to have continued success in the future, especially as we move into a post-COVID normal.”