PHOENIX — Berkadia’s Seniors Housing & Healthcare group has provided $20.3 million in financing for two separate deals.
The first was a series of loan closings totaling $15.3 million for a seven-property nursing home portfolio. The second was a $5 million loan for an assisted living facility in Louisiana.
Ed Williams and Bianca Andujo closed the $15.3 million, 24-month bridge loan for the acquisition of seven nursing homes, comprising 426 operating beds. The properties are located throughout the Midwest. The 87 percent loan-to-cost financing included $2.5 million for capital improvements and resulted in loan proceeds of $35,800 per bed. Phoenix-based Berkadia plans to replace the interest-only, non-recourse loan with HUD financing in the future. The borrower was not disclosed.
Williams also closed a $5 million, 12-month, bridge-to-HUD loan to refinance an assisted living property in Louisiana. The Southeast-based borrower developed the 36-unit property in 2001 and has owned and operated it since. The community is fully occupied. The loan proceeds were used to return equity to the borrower before re-submitting the property to HUD.