IDAHO — Berkadia has arranged $7.8 million in financing for the acquisition of two assisted living and memory care communities in Idaho.
Jay Healy and Andrew Lanzaro of Berkadia Seniors Housing & Healthcare arranged the bridge-to-HUD loan to facilitate the acquisition. The buyer, seller, price and locations were not disclosed.
The bridge loan is interest-only and carries a term of 18 months with a six-month extension option.
The communities were built between 1996 and 1999 and contain an average Medicaid mix of 75 percent. Combined occupancy had declined slightly in 2021 but rebounded to the mid-90 percent range by the end of 2022. The projects also benefited from a change to Idaho Medicaid reimbursements on July 1, 2022, resulting in a revenue boost of about $40,000 per building per month.
The California-based buyer owns 18 seniors housing facilities spanning seven states. This purchase marks its first in the state of Idaho.