Berkadia Seniors Housing & Healthcare Completes Sale and Secures Financing of Atlanta Senior Care Community
Atlanta, Georgia – February 14, 2023 – Berkadia Seniors Housing & Healthcare announced today the sale and financing of Brighton Gardens of Buckhead, a 112-unit assisted living and memory care community in Atlanta, Georgia. Managing Directors Cody Tremper, Mike Garbers, Dave Fasano, and Ross Sanders of Berkadia Seniors Housing & Healthcare led the sale on behalf of the seller, Indianapolis-based Prime Care One, LLC. The community was purchased by Georgia-based PruittHealth, and the transaction closed on January 31.
Managing Director Jay Healy of Berkadia Seniors Housing & Healthcare, in partnership with a publicly traded REIT, closed a $13 million bridge to HUD loan to facilitate the acquisition of Brighton Gardens and refinance of two skilled nursing facilities in the state. The interest-only, fixed rate bridge loan carries a term of three years and is prepayable at any time. Berkadia served as the agent for the lenders.
Brighton Gardens of Buckhead, originally constructed in 1996, was approximately 65 percent occupied at the time of the transaction. The sale presents a tremendous value-add opportunity for PruittHealth who plans to leverage their existing network of local referral sources and bring many services in-house to realize significant expense savings.