NEW YORK CITY — Berkadia Seniors Housing & Healthcare, a New York-based financial company, has provided $49.4 million in 232/223(f) HUD refinancings across five transactions in four states.
The loans carried an average loan-to-value (LTV) ratio of 75 percent and an average term of 33 years. Four of the loans refinanced bridge loans through Berkadia’s proprietary balance sheet.
Steven Muth and Rafael Nobo originated a $15.95 million loan secured by a 73-unit community in Northern Virginia for a Mid-Atlantic-based owner-operator. The assisted living and memory care community, which also features a small number of independent living units, was 94 percent occupied at the time of closing. The 35-year, fixed-rate loan represented 77 percent LTV and retired a Berkadia bridge loan.
Ed Williams secured an $11.5 million loan for a 120-bed skilled nursing facility in the Tampa, Florida MSA for a Florida-based borrower. The four-star, 1990-vintage facility was 89 percent occupied with a Medicare mix of 18.5 percent, and was valued at $145,000 per bed. The loan retired existing Berkadia bridge debt used to acquire the community as part of a larger portfolio.
Jay Healy closed a financing across two assisted living and memory care communities in Idaho for a California-based repeat client of Berkadia’s. The HUD loans retired a single Berkadia bridge loan originated in mid-2023 to fund the acquisition of the two stabilized projects. The communities had a combined occupancy of 95 percent and Medicaid payor mix of 78 percent. The high Medicaid mix enabled the borrower to benefit from Idaho’s recent Medicaid rate increase to refinance partnership debt in addition to the senior debt. The HUD loans have terms of 30 years.Healy and Muth provided a $8.3 million loan for a 55-unit memory care community in Oregon for a California-based sponsor. The HUD loan, which retired an existing Berkadia bridge loan, represented 79 percent LTV and carried a term of 35 years.