Berkadia Secures $7.8M in Financing for Two Assisted Living and Memory Care Communities in Idaho
New York, NY– July 10, 2023 – Berkadia announced today the financing of two Assisted Living & Memory Care Seniors Housing Communities in Idaho. Managing Director Jay Healy and Associate Director Andrew Lanzaro of Berkadia Seniors Housing & Healthcare secured $7.8 million bridge to HUD loan to facilitate the acquisition.
The bridge loan was interest-only and carries a term of 18 months with a six-month extension option.
The communities were built between 1996-1999 and contain an average Medicaid mix of 75 percent. Combined occupancy had declined slightly in 2021 but rebounded to the mid 90 percent range by the end of 2022. The projects also benefited from a change to Idaho Medicaid reimbursements on July 1, 2022, resulting in a revenue boost of about $40,000 per building per month.
The California-based buyer owns 18 seniors housing facilities spanning seven states. This purchase marks their first in the state of Idaho.
Berkadia Seniors Housing & Healthcare 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.