Berkadia Seniors Housing & Healthcare recently closed on four loans totaling $56.6 million through the HUD 232/223f program, with all loans achieving the maximum term of 35 years. The properties included two senior housing facilities in the Pacific Northwest.
Managing Director Steven Muth secured an $11.9 million HUD loan for a stand-alone memory care community in southern Oregon, built in 2011 and boasting an underwritten occupancy of 92%. The loan refinanced existing senior debt and related party debt at a LTV ratio of 76.8%.
Muth and Managing Director Ed Williams also provided a $17.6 million HUD loan for a newly opened senior housing community in northwest Oregon, which was appraised at $423,000 per unit and had an impressive occupancy rate of 98% at closing time. This financing replaced bank debt previously held by the property.
