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New York & Tri-State  + Long Island  + Senior Housing  | 

Berkadia Arranges Sale, Financing of LI Senior Living Complex

Berkadia arranged the financing and sale of a senior living community in South Setauket in Long Island’s Suffolk County. Berkadia Seniors Housing & Healthcare provided both investment sales and mortgage banking advisory for a 196-unit independent living and assisted living community.

Managing Directors Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare secured $15.6 million in acquisition and CapEx financing through Old Second Bank on behalf of the buyer, Massachusetts-based Cougar Capital Management. The three-year fixed rate loan featured an attractive interest rate and 18 months of interest only. After closing, the community will be rebranded as The Village at South Setauket and undergo extensive capital expenditure projects.

Managing directors Mike Garbers, Cody Tremper, Ross Sanders and Dave Fasano of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of a publicly traded REIT.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Financing