Berkadia arranges $366.7M in loans for 2 seniors housing portfolios

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Berkadia recently arranged two loans totaling $366.7 million for two portfolios consisting of 39 seniors housing properties. Managing Directors Heidi Brunet and Christopher Fenton of Berkadia's Seniors Housing and Healthcare Group originated the financing for Brookdale Senior Living, which will use the loans to refinance existing debt on the properties.

Brunet and Fenton secured a $226.4 million, 10-year loan through Berkadia's Fannie Mae Program for a portfolio of 21 properties. The portfolio, which has an average occupancy of 90.6%, features 1,924 units in total and consists of 5.7% independent living, 15.9% memory care and 78.4% assisted living units.

They also closed a $140.3 million, seven-year loan through Berkadia's Freddie Mac Program for a portfolio of 18 properties. The portfolio, which consists of 1,190 units in total, includes 22.9% memory care and 77.1% assisted living units. Average occupancy was 87.8% at the time of closing.

The two portfolios' 39 properties are located across 17 states, including California, Illinois, New York, North Carolina, Texas and Washington.

“Our team's extensive experience working with seniors housing assets across the country allowed us to secure competitive loan terms for these expansive portfolios,” said Brunet. “We have a long-standing relationship with Brookdale Senior Living, and we leveraged our close insights into their long-term strategic goals, our strong ties with the [government-sponsored enterprises] and our experience in the sector to smoothly and effectively manage these transactions.”

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