Charleston, South Carolina – March 24, 2026 – Berkadia announced that in the past 30 days, Berkadia’s Managing Director Jay Healy and Director Andrew Lanzaro closed $111.5 million across four loans for four separate sponsor groups, encompassing eleven properties in six states. The activity included three bridge loans totaling $69.6 million from Berkadia’s proprietary balance sheet and a $41.9 million HUD 232/223(f) refinance.
The first was a $9.1 million bridge-to-HUD loan for a repeat Berkadia client based in El Segundo, California. Proceeds were used to retire senior debt and a portion of related-party acquisition financing in advance of a HUD refinance. The collateral is a 79-unit, 2006 vintage assisted living and memory care community in Nampa, Idaho, which the sponsor acquired in 2024 from a small local owner-operator. Since acquisition, the sponsor has increased occupancy and leveraged regional scale to improve operating efficiencies, driving a meaningful increase in value. The loan features a 24-month, interest only term with one 6 month extension option, during which the loan begins to amortize. The subsequent HUD refinance is projected to close in Q3 2026.
The second was a $44.4 million bridge-to-HUD loan, representing the second piece of a two-stage closing with aggregate proceeds totaling $57.7 million. The financing enabled a Georgia based owner/operator and repeat Berkadia client to acquire three skilled nursing communities in advance of a HUD refinance. In December, the sponsor acquired a 182-bed skilled nursing facility in DeKalb County, Georgia, from a non-profit seller; the community was constructed in phases between 1979 and 1989 and was 97% occupied at closing. In late February, the sponsor then exercised a purchase option to acquire the leased-fee interest in two Florida skilled nursing communities it already operated—one in Clay County totaling 97 beds and delivered in 2019, and one in Bay County totaling 101 beds that was developed in 2018 with an addition in 2021. The sponsor achieved 100% of cost financing by contributing five low levered or unencumbered skilled nursing communities in South Carolina and Georgia, comprising 424 beds, to the collateral pool. The loan features a 24-month, interest only term, and the subsequent HUD refinance is expected to close in the second half of 2026.
The third transaction was a $16.0 million bridge-to-HUD loan to a North Carolina–based sponsor and repeat Berkadia client to acquire the leased-fee interest in a 90-unit / 142-bed community in Yadkin County, North Carolina, comprising 130 skilled nursing beds and 12 independent living beds. The sponsor has operated the community since 2020 and achieved 100% of cost financing due to recent Medicaid rate increase and steadily improving occupancy, which averaged approximately 85% on a T 12 basis at closing. The loan features an 18-month, interest only term with a 6 month extension option. The community is in an Opportunity Zone, which will enable it to bypass HUD’s queue, and the HUD refinance is expected to close this summer.
Last was a $41.9 million HUD 232/223(f) refinance for a South Carolina–based sponsor and repeat Berkadia client. The collateral was a 2018 vintage, 175-unit senior housing community in Monongalia County, West Virginia—offering independent living, assisted living, and memory care—that was developed by the sponsor and 95% occupied at closing. Proceeds were used to retire an A/B bridge loan provided by Berkadia and a bank partner in 2024, as well as remaining partnership debt created in connection with the sponsor’s acquisition of a partner’s membership interest in 2020. The loan features a fully amortizing 35-year term, and this was the sponsor’s first HUD execution in more than a decade.