**Berkadia Secures $10M Bridge Financing for Memory Care Facility in Sequim, Washington**
Berkadia has announced it secured $10 million in bridge financing for a 60-unit memory care facility located in Sequim, Washington.
The deal was arranged by Steven Muth and Austin Sacco, Managing Directors at Berkadia Seniors Housing & Healthcare, along with Senior Director Garrett Sacco. The team utilized Berkadia’s proprietary bridge lending program to support a Pacific Northwest sponsor and long-standing client.
Loan proceeds were used to retire existing debt and return equity to the sponsor. At the time of underwriting, the community was operating at 87% occupancy with a loan-to-value (LTV) ratio of 57.5%. The 24-month, interest-only bridge loan was structured to align with HUD’s debt seasoning requirements, with expectations of permanent HUD financing anticipated in early 2027.
This is the latest in a series of financing achievements for Berkadia. Earlier this year, the firm arranged a $15 million loan to retire a prior HUD loan and fund an expansion for a 99-bed skilled nursing facility in Bothell, Washington.
