Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Berkadia Completes $56M in Financing for Senior Housing Facilities
Berkadia Seniors Housing & Healthcare has closed on four loans totaling $56.6 million in volume through HUD’s 232/223f program. All of the loans achieved the program’s maximum loan term of 35 years, and the four senior housing facilities included two properties in the Pacific Northwest.
Managing Director Steven Muth closed an $11.9 million 232/223f HUD loan for a 44-unit, 84-bed stand-alone memory care community. The community was built in 2011 and is located in southern Oregon. The property had an underwritten occupancy of 92 percent, and the 76.8 percent LTV loan refinanced senior debt and related party debt.
Muth and Managing Director Ed Williams also provided a $17.6 million HUD 232/223f loan for a senior housing community located in northwest Oregon. The 69-unit, 98-bed community opened in late 2019. The property was 98 percent occupied at the time of closing and appraised at $423,000 per unit. The HUD loan refinanced bank debt.
