Berkadia’s Seniors Housing & Healthcare Group closed $76.8 million in financing for the acquisition of nine skilled nursing facilities in Florida, Maryland, Michigan, Tennessee and Virginia.
The portfolio contains a total of 1,167 beds with an average occupancy rate of 85.8%. The buyer, an affiliate of a Tennessee-based owner and operator of skilled nursing and assisted living facilities, has leased the buildings since 2004.
Berkadia served as the lead lender for the $52.2 million bridge-to-HUD loan for seven of the properties and placed a $24.6 million mini-perm loan through a bank partner for the remaining two properties. The Berkadia bridge loan is interest only and carries a floating rate with an initial term of 18 months. The five-year, mini-perm loan, structured for greater flexibility, has a fixed rate for the first 36 months and includes an interest-only period of 18 months.
The combined debt service on the total loan amount of approximately $66,000 per bed represents significant savings when compared to the prior lease payment.
