Berkadia announced the bridge financing for a memory care facility, totaling $10 million, located in Sequim, Washington.
Managing Directors Steven Muth and Austin Sacco and Senior Director Garrett Sacco of Berkadia Seniors Housing & Healthcare utilized Berkadia’s bridge lending program to secure financing for a Pacific Northwest sponsor and repeat Berkadia client.
The loan proceeds were used to retire existing debt on the 60-unit memory care community while also returning equity to the sponsor. At underwriting, the community achieved 87% occupancy with an LTV of 57.5%. The 24-month, interest-only bridge loan was structured to meet HUD’s debt seasoning requirements, with Berkadia anticipating permanent HUD financing for the facility in early 2027.
Earlier this year, Berkadia also arranged a $15 million loan that was utilized to pay off the previous HUD loan and fund a new addition for the 99-bed skilled nursing facility located in Bothell, Washington.
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