Berkadia Secures $62.1M in Financing for Skilled Nursing Facility in New York City
New York, NY– August 2, 2023 – Berkadia has announced the financing of a 320-bed skilled nursing facility located in New York City. Managing Directors Ed Williams and Richard Price of Berkadia Seniors Housing & Healthcare secured a $62.1 million 232/223f HUD insured loan on behalf of the Northeast-based client.
The 80 percent loan-to-value financing included a term of 35 years. Proceeds from the financing were used to pay off existing commercial bank debt as well as transaction costs.
“As an integral part of Northeast-based operator portfolio this is another premier facility which has long served the downtown Brooklyn community of the City of New York providing a range of quality health care services,” said Williams.
“During the pandemic occupancy remained above many competing facilities in the region and has grown steadily through 2023 to achieve greater than 90% at the time of closing with a Medicare mix of 20 percent,” Williams added.
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. Last year, the team expanded its capabilities by adding an investment sales presence, rounding out its full suite of services.