WASHINGTON, D.C. – July 28, 2020 Berkadia’s Seniors Housing & Healthcare Group has secured $50 million in loan closings in June and July for skilled nursing facilities across the country, including in Florida, California and Maryland.
“The 232/223(f) HUD program is a very appealing debt solution for the senior housing industry, particularly now as other lenders are slowly returning to the space after an initial pullback given the pandemic,” says Managing Director Jay Healy.
Healy and Senior Director Bianca Andujo secured a $22.24 million 232/223(f) HUD loan for a 157-bed skilled nursing facility in Worchester County, Maryland. The $141,700/bed HUD loan represents 80 percent LTV and carries a term of 35 years. Loan proceeds were used to pay off the existing debt. At the time of appraisal, Medicare accounted for 25.5 percent of the total census.
Healy and Andujo also secured a $11.81 million 232/223(f) HUD loan for a California-based sponsor. The loan proceeds will be used to pay off existing debt on a 144-bed skilled nursing facility. The $82,200/bed HUD loan carries a term of 35 years. The facility was built in 2015 and features 22 private units. Occupancy rate at the subject property is 89 percent.
Senior Director Ed Williams secured $9.16 million in financing through the HUD 232/223(f) program for an 86-bed skilled nursing facility located in Miami-Dade County Florida, owned by a Florida-based sponsor. The $106,500/bed HUD loan represents 80 percent LTV and carries a term of 35 years. Loan proceeds will be used to retire existing debt for the sponsor who is a repeat client of Berkadia.
Healy secured a $6.604 million 232/223(f) HUD loan for a Washington-based sponsor. The loan proceeds were used to pay off existing debt on a 48-bed skilled nursing facility with a 25 percent Medicare mix located in Salinas, California. The retired debt was a portion of a bank loan associated with a portfolio. The $137,600/bed HUD loan represents 80 percent LTV and carries a term of 35 years. The sponsor is an existing client of Berkadia.