Berkadia’s Managing Director, Jay Healy, and Director, Andrew Lanzaro of Berkadia Seniors Housing & Healthcare, arranged a $15 million loan through HUD’s 232/223(f) program for a California-based sponsor and repeat Berkadia client.

The 35-year, non-recourse loan refinanced bank debt that was utilized to pay off the previous HUD loan and fund a new addition for the 99-bed skilled nursing facility located in Bothell, Washington. The new expansion will include 20 new private rooms, a therapy gym, and a dining area. The 99-bed, 4-star facility was originally built in 1964 and 1984. At closing, the property had a 56% quality mix.

Berkadia Seniors Housing & Healthcare offers advisory, underwriting, loan origination services, and products including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending, and Capital Markets Advisory Services for active adult, independent living, assisted living, memory care, and skilled nursing projects across the country.