TULSA, OK – July 12, 2021 – Berkadia Seniors Housing & Healthcare announced today the financing of a 54-unit, 111-bed, skilled nursing facility located in Muskogee County, Oklahoma. Managing Director Jay Healy of Berkadia Seniors Housing & Healthcare secured the loan on behalf of the sponsor. The deal closed on June 17.
The loan was refinanced through HUD’s 232/223(f) Program. The $50,100 per bed, 35-year loan represented 50 percent of value. The project was originally constructed in 1974 and features 58 ventilator beds. Historical occupancy has averaged 75 percent.
“The 232/223(f) Program presented the sponsor a great opportunity to consolidate and refinance existing bank debt,” said Healy. “Given the property’s sustained occupancy and high vent bed usage, we expect it to have continued success in the future, especially as we move into a post-COVID normal.”
Berkadia’s Seniors Housing & Healthcare group leads the industry in innovative and comprehensive solutions for even the most complex independent living, assisted living, memory care and skilled nursing projects across the country. In addition to deep market knowledge, the group offers a full set of advisory, underwriting, loan origination services and products including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services. Last year, the team expanded its capabilities by adding an investment sales presence, rounding out its full suite of services.