NEW YORK CITY — Berkadia has provided the financing of a 320-bed skilled nursing facility in New York City.
Ed Williams and Richard Price of Berkadia Seniors Housing & Healthcare secured a $62.1 million 232/223(f) HUD insured loan on behalf of the Northeast-based borrower.
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,” says Williams. “During the pandemic, occupancy remained above many competing facilities in the region and has grown steadily through 2023 to achieve greater than 90 percent at the time of closing with a Medicare mix of 20 percent.”
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