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Washington DC & Mid-Atlantic  + Senior Housing  |  July 30, 2020
David Cohen
By: David Cohen

Berkadia Secures $22M Refinancing for Maryland Skilled Nursing Facility

Berkadia’s Washington D.C.-based Seniors Housing & Healthcare Group has secured a $22.2 million 232/223(f) HUD loan to refinance a 157-bed skilled nursing facility in Worchester County, MD.

The HUD loan represents 80 percent LTV and carries a term of 35 years. Loan proceeds were used to pay off the existing debt. At the time of appraisal, Medicare accounted for 25% of the total census. Jay Healy and Bianca Andujo of Berkadia secured the financing on behalf of the undisclosed borrower.

“The 232/223(f) HUD program is a very appealing debt solution for the senior housing industry, particularly now as other lenders are slowly returning to the space after an initial pullback given the pandemic,” said Healy.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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