Berkadia Secures $25.6M in Financing for Assisted Living Facility in Spokane, Washington
Richmond, Virginia – February 13, 2025 – Berkadia, a leader in the commercial real estate industry, announced the successful arrangement of $25.6 million in bridge financing for an assisted living facility in Spokane, Washington
Earlier this month, Managing Directors Steve Muth and Austin Sacco, along with Senior Director Garrett Sacco of Berkadia Seniors Housing & Healthcare, secured the financing through Berkadia’s bridge lending program for a valued Pacific Northwest sponsor and repeat client. The funds were used to retire existing debt on the community and return capital to the sponsor. At the time of underwriting, the facility boasted an 89% occupancy rate. The loan, featuring a 12-month interest-only term, is expected to qualify for a reduced debt seasoning period due to the facility’s strong operational history, allowing for immediate submission to HUD upon closing, with a cap at 70% LTV.
Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for even the most complex active adult, 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 investment sales, 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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