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Seattle & Northwest   /   December 9, 2020

Dennis Kaiser
By: Dennis Kaiser

Berkadia Secures $40M in Financing for PNW Skilled Nursing Facilities

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.

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Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience.
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