Berkadia Provides $50M in HUD Financing for Skilled Nursing Facilities in Florida, California, Maryland

WASHINGTON, D.C. — Berkadia’s Seniors Housing & Healthcare Group has secured $50 million in loan closings for skilled nursing facilities in Florida, California and Maryland.

Jay Healy and Senior Director Bianca Andujo secured a $22.2 million HUD refinancing for a 157-bed skilled nursing facility in Worchester County, Maryland. The  loan represents an 80 percent loan-to-value ratio and carries a term of 35 years. Loan proceeds were used to pay off the existing debt.

Healy and Andujo also secured an $11.8 million HUD loan for a California-based borrower. The loan, which has a 35-year term, proceeds will be used to pay off existing debt on a 144-bed skilled nursing facility. The facility was built in 2015 and features 22 private units. Occupancy rate at the subject property was 89 percent at the time of closing.

Ed Williams secured $9.2 million in HUD financing for an 86-bed skilled nursing facility located in Miami-Dade County Florida, owned by a Florida-based borrower. The loan represents an 80 percent loan-to-value ratio and carries a term of 35 years. Loan proceeds will be used to retire existing debt.

Healy secured a $6.6 million HUD loan for a Washington-based borrower. The loan proceeds were used to pay off existing debt on a 48-bed skilled nursing facility in Salinas, California. The retired debt was a portion of a bank loan associated with a portfolio. The loan represents an 80 percent loan-to-value ratio and carries a term of 35 years. The sponsor is an existing client of D.C-based Berkadia.