WASHINGTON AND OREGON — Berkadia Seniors Housing & Healthcare has provided $48 million in combined financing for three seniors housing communities in Washington and Oregon. Steve Muth secured the transactions.
The first deal was a $27 million, sub-60 percent loan-to-value-ratio loan with a 10-year, interest-only term through Freddie Mac. Built in 2015 in Washington, the seniors housing community features 105 beds and was 92 percent occupied at the time of the refinancing.
The second transaction was a $16.2 million acquisition bridge loan for an assisted living and memory care community in Washington. Berkadia provided acquisition financing plus funding for capital expenditures and closing costs through Berkadia’s proprietary lending program.
The third transaction was a $4.8 million loan for a standalone memory care facility in Oregon. Berkadia’s proprietary lending program provided the short-term, variable-rate financing. The 55-bed memory care facility was 96 percent occupied at the time of financing, which Berkadia plans to refinance through HUD within the next 12 to 18 months.