December 9, 2020
Berkadia’s Seniors Housing and Healthcare Group recently secured nearly $40 million in loan closings. The deals involved skilled nursing facilities across the country, including assets in Washington, Oregon, Idaho and Montana.
The Pacific Northwest assets included two HUD 232/223(f) loans for two skilled nursing facilities located in Oregon and Washington. The aggregate loan proceeds of $15.38 million represented combined LTV of 74% based on the $190,000-per-bed portfolio valuation. HUD loan proceeds were used to retire construction and mezzanine financing on the 2016-built Washington state project (pictured), and Berkadia bridge debt on the other.
The original purpose of the Berkadia bridge loan was to allow the Washington-based sponsor to recoup equity ahead of the HUD refinance. Berkadia’s Jay Healy arranged the financing.
Healy also secured a $6.7-million 232/223(a)(7) HUD loan to refinance the existed HUD debt associated with a 79-bed skilled nursing facility located in Montana.
For comments, questions or concerns, please contact Dennis Kaiser