Berkadia Arranges $57.2M in Financing for Skilled Nursing Facilities

by Jeff Shaw

WASHINGTON, D.C. — Berkadia’s Seniors Housing & Healthcare group has closed $57.2 million in loans for skilled nursing facilities in Alabama, Illinois, New Jersey, Maryland and Washington.

Berkadia refinanced a portfolio of three skilled nursing facilities in Washington state for $26.2 million, or $120,212 per bed, utilizing HUD’s 232/223(f) program. Jay Healy arranged the financing on behalf of the Washington-based owner and operator, which used the loan proceeds to pay off short-term debt, fund improvements to the properties and reduce their debt service payments. The communities are located in Brewster, Kennewick and Spokane and have an average occupancy of 89.3 percent.

The second transaction was a $15 million financing for a portfolio of three skilled nursing facilities located in Alabama, Illinois and New Jersey. Jay Healy and Steve Mentesana closed the 12-month bridge-to-HUD loan using Berkadia’s own Proprietary Bridge Lending Program to fund the interest-only, non-recourse loan. Proceeds were used to retire existing HUD debt, fund improvements and return equity to the Pennsylvania-based owner and operator.

The third transaction was a $16 million HUD 232/223(f) loan for a 146-bed skilled nursing facility in western Maryland. Jay Healy and Bianca Andujo secured the financing on behalf of the Texas-based ownership group, which first acquired the facility in 2016 as part of a larger skilled nursing facility portfolio. The $110,000-per-bed loan represents an 80 percent loan-to-value ratio and carries a term of 31 years. The property was 93.8 percent occupied at the time of underwriting.

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