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Berkadia Secures $5M in Refinancing for Leesburg Senior Housing Property

Berkadia has arranged a $5 million loan to refinance Meadow Glen of Leesburg, a 40-bed assisted living property in Leesburg. Meadow Glen’s main facility was constructed in 2001 and complements an existing 1834 farmhouse community center. The facility includes 37 suite units with 40 beds.

Laura Saull Smith of Berkadia’s Chevy Chase office secured the refinancing on behalf of borrower Cali Realty Capital. The loan was refinanced through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan program. This program allows for streamlined refinancing of existing HUD-insured senior care properties.

“This will be the third time I’ve worked with Dick McClellan and Paul Cali to finance this unique property, and the new HUD loan will position Meadow Glen for many more years of success,” said Saull Smith. “The final term extension will be just inside of 12 years and includes funding an outstanding prepayment penalty and covering 100 percent of closing costs.”

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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.