Berkadia arranged the 232/223f HUD financing for an assisted living facility in Washington state, totaling $26.8 million.
In September, Managing Directors Austin Sacco and Steve Muth, along with Senior Director Garrett Sacco of Berkadia Seniors Housing & Healthcare, secured HUD financing for a repeat Berkadia client, a Pacific Northwest-based sponsor.
This HUD loan retires an existing Berkadia bridge loan. The sponsor, who has operated the community since 2017, was able to transition from bridge to HUD financing, paying off existing bank debt and capturing equity built from their operations. The assisted living facility has more than 200 beds.
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