Berkadia, Live Oak Provide $86M in Bridge Lending in First Quarter

by Jeff Shaw

NEW YORK CITY — Berkadia Seniors Housing & Healthcare, in partnership with Live Oak Bank, has arranged four bridge-to-HUD loan closings totaling $86 million in the first quarter of 2023.

The partnership between Live Oak Bank and Berkadia, which commenced in October 2022, has closed $143 million of bridge-to-HUD and GSE transactions, the majority of which have been structured as A/B notes with Berkadia funding the B-note.

The interest-only loans typically carry terms of 24 months with rates floating over one-month term SOFR. Loans closed to date facilitated purchases and refinances of four assisted living and memory care communities, two skilled nursing facilities and one independent living facility.

Specifics on the communities and loans were not disclosed.

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