Charleston, South Carolina – October 13, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today that Managing Director Jay Healy and Director Andrew Lanzaro of Berkadia Seniors Housing & Healthcare closed seven transactions totaling $157.7 million for six unique sponsors over the past 90 days. The financings included four HUD 232/223(f) refinancings, two bridge loans, and one Agency refinancing.
Most recently, on October 8, Healy and Lanzaro secured a $60.1 million HUD 232/223(f) loan for a 2018-vintage, 186-unit assisted living, memory care, and skilled nursing community in Daniel Island, South Carolina. The Class A asset was developed by the current owner, a Charlotte, North Carolina-based owner/operator and first-time HUD borrower and had trailing 12-month occupancy exceeding 92% at closing. The 35-year, fully amortizing loan refinanced bank debt originated in 2024, along with preferred equity from a national REIT that was restructured as debt to meet HUD eligibility requirements. The loan achieved an 80% loan-to-value ratio based on a dated appraisal; however, continued performance improvements throughout the process indicate the property’s value would be higher today.
The week prior, Healy and Lanzaro used Berkadia’s balance sheet to provide a $5.3 million bridge loan for the acquisition of an 80-bed skilled nursing community in Grimes County, Texas. The buyer, a Fort Worth-based owner/operator and repeat Berkadia client, has operated the community since February 2021 and negotiated its lease terms at that time. Improved operations and a more favorable Texas Medicaid reimbursement environment resulted in below-market rent, allowing the sponsor to negotiate an in-the-money purchase price and finance 100% of the acquisition cost. Located in an opportunity zone, the community can bypass HUD’s queue, and Berkadia anticipates a HUD closing in the first quarter of 2027.
Another notable balance-sheet transaction was a $42.0 million bridge loan for a 120-unit assisted living and memory care community in Spokane Valley, Washington, on behalf of a repeat client based in Scottsdale, Arizona. Developed by the sponsor, the community opened in late 2023 and was more than 94% occupied at closing. Funded in partnership with Live Oak Bank through an A/B structure—the groups’ 12th transaction using this structure—the 62.3% loan-to-value loan featured a 36-month term with 24 months of interest-only payments. Proceeds refinanced existing construction and sponsor debt, paid preferred returns to limited partners, and returned a portion of LP equity. The anticipated exit is a HUD refinancing in the coming years.
Earlier in the summer, Healy and Lanzaro partnered with Steve Muth and Alec Rosenfield to arrange a $25.0 million Agency loan to refinance maturing Agency debt on a 130-unit independent living, assisted living, and memory care community in Oak Harbor, Washington. The repeat sponsor, based in Bellevue, Washington, acquired the 2000-vintage property in 2004 and completed an addition in 2008. The community has consistently performed well, with occupancy near 95% at closing. Continued operating improvement since the original loan closed in 2016 resulted in low leverage at maturity. The new 10-year loan included five years of interest-only payments and, in addition to retiring the maturing debt, provided proceeds to reimburse prior capital expenditures, fund planned improvements, and return cash to the owners while maintaining a low loan-to-value ratio of 57%.
Two days earlier, the team refinanced another maturing Agency loan for the same client, though the sponsor selected a HUD execution for this transaction. Berkadia secured a $9.3 million HUD 232/223(f) loan for a 72-unit independent living and assisted living community in Bend, Oregon, which the sponsor developed in 2004. The 75% loan-to-value, 35-year fully amortizing loan retired existing Agency debt and a CapEx loan. The community’s trailing 12-month occupancy exceeded 95% at closing.
Healy and Lanzaro also completed a $6.83 million HUD 232/223(f) refinance for an 80-unit assisted living and memory care community in Lexington, South Carolina, on behalf of a New Jersey-based owner/operator. The owner acquired the community in 2024 as part of a distressed-asset portfolio, using bank debt to finance the acquisition. Since then, performance at the subject property improved materially, with occupancy reaching 94% at closing. However, the remaining properties in the collateral pool continued to underperform and were not eligible for HUD financing. Berkadia worked with the existing lender to release the nonperforming collateral, enabling the subject property to retire the full outstanding debt balance. The 77% loan-to-value loan carried a 35-year, fully amortizing term.
Finally, the team originated a $9.2 million HUD 232/223(f) loan for a 47-unit assisted living community in Denton, Texas, on behalf of a repeat Berkadia client based in El Segundo, California. Originally built in the 1960s, the community was extensively renovated in 2020 and consists entirely of studio units serving the underserved middle-market segment. The sponsor acquired the community in late 2025 using a Berkadia bridge loan. The 80% loan-to-value, 35-year fully amortizing HUD loan retired the bridge loan and a portion of the sponsor debt incurred at acquisition.
Berkadia Seniors Housing & Healthcare delivers innovative, comprehensive solutions for complex active adult, independent living, assisted living, memory care, and skilled nursing projects nationwide. With deep market knowledge, the team provides a full range of capital markets advisory, underwriting, and loan origination services, including FHA/HUD, Fannie Mae, Freddie Mac, life company, and proprietary bridge lending.