Berkadia Arranges $66M Financing for Four Communities

by Jeff Shaw

CHARLESTON, S.C. — Berkadia has arranged $66 million in four separate transactions for a set of seniors housing communities. Jay Healy of Charleston-based Berkadia Seniors Housing & Healthcare completed the financings on behalf of the borrowers. 

Healy closed a $20 million bridge-to-HUD loan to refinance a maturing construction loan for PruittHealth. The three-year loan, structured in partnership with a publicly traded REIT, features interest-only payments and isprepayable at any time. The property is a 90-bed skilled nursing facility located in North Tampa, Florida. Atlanta-based PruittHealth developed the community in 2022 and has operated it since that time.

In the second transaction, Healy closed a $12.3 million bridge-to-HUD loan for a Fort Worth, Texas-based owner and operator of nursing homes. The 18-month, interest-only bridge loan covered 100 percent of the cost to purchase the leased-fee interest of a 120-bed skilled nursing facility located in El Paso, Texas. The sponsor has successfully operated the property since its opening in 2018. Berkadia expects to provide the subsequent HUD refinancing in the first half of 2025.

Utilizing HUD’s 232/223(f) program, Healy closed two loans totaling $33.1 million for a repeat client headquartered in Seattle, Washington. HUD loan proceeds were used to retire bridge loans that were previously financed by Berkadia and Live Oak Bank and to fund capital improvements. The buildings, both located in Washington, consist of a 105-bed skilled nursing facility and a 147-unit independent living/assisted living community. Each HUD loan carries a term of 35 years with an average loan-to-value ratio of 71 percent. Both projects were well-occupied at the time of closing, with the skilled nursing facility at 88 percent and the 2007-built independent living/assisted living building boasting an occupancy rate of 99 percent.

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