Berkadia Provides $104.3M HUD Financing for Skilled Nursing Facility in New York City

NEW YORK CITY — Berkadia has provided $104.3 million in financing for Workmen’s Circle Multicare Center, a skilled nursing facility in the Bronx.

Richard Price and Gemma Geldmacher secured the 232/223(f) loan through HUD on behalf of Woodbury, New York-based Cassena Care. Trish Maroney of Berkadia’s Syracuse office led the underwriting team.

Maroney was one of the original underwriters of the transaction in 2008, when a Berkadia predecessor company originally funded the FHA-insured loan. The loan has a 20-year, fully amortizing term. Berkadia also provided a bridge loan secured by the project’s surplus cash.

Located at 3155 Grace Ave., Workmen’s Circle is a five-star-rated skilled nursing facility in the Baychester neighborhood of the Bronx. The property offers clinical services, including skilled nursing care, social services care, mental health services, dietary services, pain management programs and palliative care and hospital services. The use of the funds was not disclosed.