Berkadia Provides $56.6M in HUD Financing for Four-Community Portfolio in Florida, Oregon

by Jeff Shaw

FLORIDA and OREGON — Berkadia Seniors Housing & Healthcare has provided four loans totaling $56.6 million in volume through HUD’s 232/223(f) program, all of which feature the program’s maximum loan term of 35 years.

In the first transaction, Ed Williams of Berkadia Seniors Housing & Healthcare closed a $14.5 million 232/223(f) HUD loan secured by a 139-bed skilled nursing facility located in South Florida for a Florida-based client. The loan refinanced a bridge loan Williams placed in 2019 and a subsequent cash-out, borrow-up originated by the senior lender in August of 2022. 

Berkadia was able to close the HUD refinance 13 months from the previous financing by qualifying the project under HUD’s reduced seasoning guidelines. The community appraised for $164,000 per bed and was 98 percent occupied at the time of closing. 

In the second transaction, Steven Muth of Berkadia Seniors Housing & Healthcare closed an $11.9 million 232/223(f) HUD loan for a 44-unit/84-bed standalone memory care community. The property was built in 2011 and is located in Southern Oregon. The property had an underwritten occupancy of 92 percent and the 76.8 percent loan-to-value loan refinanced senior debt and related party debt. 

In the third transaction, Williams closed another 232/223(f) HUD loan in the amount of $12.5 million secured by a 120-bed skilled nursing facility located in South Florida for the same repeat client. The 80 percent loan-to-value loan retired existing Berkadia bridge debt used to acquire the community as part of a larger portfolio. The community had an underwritten occupancy of 94 percent.

In the final transaction, Muth and Williams teamed up to provide a $17.6 million HUD 232/223(f) loan for a seniors housing community located in Northwest Oregon. The 69-unit, 98-bed community opened in late 2019. The property was 98 percent occupied at the time of closing and appraised at $423,000 per unit and $300,000 per bed. The HUD loan refinanced bank debt.

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