Berkadia’s $104M Nursing Home Financing; $11M Refi in New Jersey

Commercial real estate lender Berkadia landed a $104 million loan for a skilled nursing facility in the Bronx, N.Y., the company announced Monday.

Berkadia secured the financing for the Workmen’s Circle Multicare Center, operated by the Woodbury, N.Y.-based Cassena Care, through the Department of Housing and Urban Development’s 232/233 program; the loan closed just 13 days after HUD’s Office of Residential Care Facilities signed off on the transaction.

Managing director Richard Price and senior director Gemma Geldmacher led the deal for Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group. Senior underwriter Trish Maroney, who helmed the underwriting team on the deal, had previously worked with Workmen’s Circle when it first secured a Federal Housing Administration-backed product in 2008.


“The Workmen’s Circle transaction involved a complex debt restructuring, which will help solidify the financial stability of this superb facility for the near and long term,” Price said in a statement announcing the deal.

Berkadia additionally offered bridge financing against surplus cash.

“The short duration in closing is a tribute to the superb ownership of Workmen’s Circle and the consulting services provided by Cassena Care, one of the premier skilled nursing consulting groups in this region of the country,” Geldmacher said. “Berkadia and HUD are grateful to Cassena for the quality of the company, which greatly contributed to the timely success of the transaction.”


Cambridge’s $11M Financing in New Jersey

Cambridge Realty Capital Companies this week announced the closure of a $11 million HUD-backed loan on the Pine Acres Healthcare & Rehabilitation Centre in Madison, N.J.

The 102-bed facility features a variety of amenities, according to the Chicago-based Cambridge, including both long-term and post-acute services, stroke care, IV therapy, and restaurant-style dining.

The fully amortized loan has a 30-year term, Cambridge operations manager Hymie Barber said; Cambridge Realty Capital Ltd., an affiliated company, underwrote the transaction.

Lancaster Pollard’s $9.4M Refinance

The Columbus, Ohio-based Lancaster Pollard announced the $9.4 million refinancing of The Lodge at Warner Robins, a skilled nursing facility in Warner Robins, Ga.

The unnamed owners of the 106-bed SNF were looking to retire debt associated with a prior construction loan, according to Lancaster Pollard; the refinance product will also allow management to renovate the facility’s courtyard.

Lancaster Pollard, a subsidiary of ORIX Real Estate Capital, closed the financing through HUD’s 232 program; Conner Girdley led the transaction for the lender.

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