Berkadia Secures $67.5M in Financing for a Three-Property Seniors Housing Portfolio in Washington
RICHMOND, VA – June 24, 2024 – Berkadia announced today the financing of a three-property seniors housing portfolio located in Washington. David Bovée, Managing Principal Capital Markets with Stonebridge Securities, LLC represents the portfolio owner. The portfolio consists of two independent living, assisted living and memory care communities and one assisted living facility. Managing Director Steven Muth and Associate Director Andrew Lanzaro of Berkadia Seniors Housing & Healthcare secured $67.5 million in financing through Poppy Bank on behalf of the Sponsor, a regional owner/operator.
The portfolio includes three senior housing communities totaling 332 units. The financing closed on May 23.
“With the dislocation in the capital markets, locating the right senior lender in Q1 2024 involved a concerted effort,” said Muth. “This is a great result for the Sponsor with a new lending relationship who understands seniors housing.”
The loan refinances two construction loans along with a bridge acquisition loan that had been provided by Berkadia. The refinancing will allow the Sponsor to continue its path to stabilization and optimization for the two newly constructed projects. The stabilized community provides additional cash flow support to the portfolio.
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.