PHOENIX, AZ – May 19, 2020 – Berkadia’s Seniors Housing & Healthcare Group has secured $5.08 million in financing for a 165-bed skilled nursing facility in Florida. The facility was constructed in 2010 and currently consists of 165 licensed beds and contains a mix of skilled nursing and assisted living. The deal closed on May 6.
“HUD financing enabled our client to take advantage of this value-add opportunity and expand the property,” said Senior Director Ed Williams.
Williams secured the $5.08 million HUD 241(a) supplemental loan for an Indiana-based sponsor. The loan proceeds, representing 90 percent of project cost, will be used for construction of a new skilled nursing wing consisting of 20 private units. Along with the addition, the borrower has increased licensed bed capacity by twelve and will be converting some current semi-private units to private. The supplemental loan will run coterminous with the original HUD 232/223(f) loan with a term of 30 years.