FLORIDA — Berkadia’s Seniors Housing & Healthcare Group has provided $5.1 million in financing for a 165-bed skilled nursing facility in Florida.
The facility was constructed in 2010 and offers a mix of skilled nursing and assisted living.
“HUD financing enabled our client to take advantage of this value-add opportunity and expand the property,” said Ed Williams, senior director with Berkadia.
Williams arranged the HUD 241(a) supplemental loan for an Indiana-based borrower. The loan proceeds, representing 90 percent of project cost, will be used for construction of a new skilled nursing wing consisting of 20 private units. Along with the addition, the borrower has increased licensed bed capacity by 12 and will be converting some semi-private units to private.
The supplemental loan will run coterminous with the original HUD 232/223(f) loan with a term of 30 years.