June 27, 2019
Berkadia recently provided $104.27 million in financing for Workmen’s Circle Multicare Center, a skilled nursing facility in the Bronx’s Baychester neighborhood. Richard Price of Berkadia’s Chevy Chase, MD office and Gemma Geldmacher of the Boston office secured the 232/223(f) loan through HUD on behalf of Woodbury, NY-based Cassena Care.
Trish Maroney of Berkadia’s Syracuse, NY office led the underwriting team. Maroney was one of the original underwriters of the transaction in 2008, when a Berkadia predecessor company originally funded the FHA-insured loan. The loan has a 20-year fully amortizing term.
“The Workmen’s Circle transaction involved a complex debt restructuring, which will help solidify the financial stability of this superb facility for the near and long term,” said Price.
Berkadia also provided a bridge loan secured by the project’s surplus cash.
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