Berkadia Seniors Housing & Healthcare has financed a skilled nursing facility in Idaho, a transitional care facility in Nevada, and an independent living, assisted living and memory care community in Oregon for a collective $40.8 million.
Berkadia Managing Director Jay Healy closed on a $8.3 million 232/223f HUD loan to refinance a Berkadia and Live Oak Bank bridge loan on the 60-bed SNF located in Idaho. The facility was built in 2017 and purchased by a new buyer this year. The new loan retires 2023’s 80% loan-to-value bridge loan, which had a 35-year term. At the time of closing on the refinance, the SNF’s occupancy was higher than 90% and its Medicare census mix was higher than 20%.
In Nevada, Berkadia closed a $16.7 million 232/223f HUD loan for a 38-bed transitional care facility that was constructed in 2019. The facility was 95% occupied at the time of closing, with a Medicare census mix of 85%. The Utah-based operator used the HUD loan proceeds to pay down the Berkadia and Live Oak bank bridge loan that had facilitated the purchase of the real estate from the developer in November 2022.
For the senior living community in Oregon, Managing Director Ed Williams, Senior Director Rob Affleck and Associate Director Andrew Lanzaro worked with Live Oak Bank using Berkadia and Live Oak Bank’s A/B structure to originate a $15.8 million loan. The community has 119 units and is located on the Oregon coast.
In other news, in August, Berkadia had arranged a $14.4 million bridge loan to retire the existing construction debt and transaction costs for a Colorado Springs, CO, memory care community.
