Berkadia this week announced the completion of about $50 million in financing for skilled nursing facilities in four separate deals across the country.
First up, the real estate investment firm’s Seniors Housing & Healthcare Group provided a $22.2 million loan — backed by the Department of Housing and Urban Development (HUD) — for a 157-bed property in Worcester County, Md. The borrower used the proceeds from the 35-year loan to pay off debt on the property, which had a Medicare census of about 25% at the time the deal closed.
In California, Berkadia landed a $11.8 million HUD loan for a 144-bed facility with 22 private units and occupancy of about 89%; the sponsor also used the cash to pay off existing debt.
Berkadia managing directory Jay Healy and senior director Bianca Andujo led both transactions.
“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,” Healy said in a statement announcing the transactions.
Ed Williams, a senior director at the firm, arranged $9.2 million in HUD financing for an 86-bed SNF in Miami-Dade County, Fla.; in a separate transaction, Healy and Berkadia completed a $6.6 million HUD-backed loan for a 48-bed skilled nursing facility in Salinas County, Calif. on behalf of a Washington-based owner. Both loans were used to retire existing debts.
Cushman & Wakefield’s Nine-SNF Portfolio Deal
Cushman & Wakefield Senior Housing Capital Markets this week announced its role in the sale of a nine-building SNF portfolio in Ohio with a total of 884 beds.
The real estate services firm worked on behalf of a private owner looking to cut its presence in the skilled nursing space; the unnamed buyer was “an experienced regional operator with a tremendous presence in the state of Ohio,” according to a statement from Cushman & Wakefield announcing the deal.
The terms of the transactions were not disclosed, though the buyer used both cash and the assumption of debt to fund the purchase.
Cushman & Wakefield vice chairman Richard Swartz, executive managing director Jay Wagner, and director Dan Baker worked on the deal.
Blueprint’s $20M Skilled Nursing, Assisted Living Campus Transaction
Blueprint Healthcare Real Estate Advisors arrange the $20 million sale of a skilled nursing and assisted living campus in suburban Baltimore on behalf of Acts Retirement-Life Communities, the brokerage firm announced.
After picking up the campus during a merger, the non-profit operator no longer saw a place for the facility, which also features memory care services, in its portfolio.
The eventual buyer was one of 12 competitive bidders; the final offers ended up exceeding initial market guidance, according to the Chicago-based Blueprint.
Blueprint managing director Michael Segal and executive managing director and co-founder Ben Firestone led the transaction.