PORTLAND, OR – May 18, 2021 – Berkadia Seniors Housing & Healthcare announced today the financing of a 253-unit, Class A seniors housing facility in Portland, Oregon. Managing Director Ed Williams secured the financing on behalf of the borrower. The deal closed on April 30.
The HUD 232/223(a)(7) loan will refinance existing HUD debt associated with the community.
“Historically, the property has maintained an occupancy percentage in the low 90s and ended 2020 with an occupancy of 88 percent, showing impressive resilience throughout the pandemic,” said Williams. “The HUD refinance will allow the borrower to save on debt service and MIP payments through the combination of a lower rate and an extension of the loan term to 40 years, which was the term of the original loan.”
The facility features a combination of assisted living, independent living and memory care.
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.