NEW YORK, NY– June 17, 2024 – Berkadia Seniors Housing & Healthcare announced today that it has worked with Poppy Bank to close 12 different properties totaling over $329.7 million of bridge debt all in May and June 2024. Managing Director Chris Cain of Berkadia Seniors Housing & Healthcare, alongside SVP – Head of FHA and Seniors Housing Steve Ervin, secured the financing.
“We are thrilled to have partnered with Poppy Bank, placing over $329.7 million of bridge debt across 12 different properties,” said Cain. “We are fortunate to have a longstanding relationship with Poppy Bank and are proud to have crossed the finish line on these deals amidst the current market conditions over the past year.”
“We are excited to have worked together with Berkadia and provided the much-needed bridge financing that is currently limited in the Senior Housing sector,” said Poppy Bank President & CEO, Khalid Acheckzai. “We see this sector as a tremendous opportunity for Poppy Bank and one where we expect to play a larger role in the coming years.”
“This is a testament to the strength and expertise of Berkadia Seniors Housing & Healthcare,” said Ervin. “I extend my congratulations to all members involved, at Berkadia and Poppy Bank, for their relentless effort and commitment.”
The milestone includes 12 properties: a three-pack, a six-pack, and three individual properties, totaling 1597 units.
Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for even the most complex independent living, assisted living, memory care and skilled nursing projects across the country. In addition to deep market knowledge, the group offers a full set of advisory, underwriting, loan origination services and products including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending, and Capital Markets Advisory Services.
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