SENIORS HOUSING 232 FHA-INSURED FINANCING Non-recourse, fully assumable financing for construction or substantial rehabilitation of skilled nursing, assisted living, and memory care communities. Eligible Properties
Licensed skilled nursing, assisted living, and memory care communities, including independent living up to 25% of total bed count
Loan Features
• Low, fixed interest rates • Up to 40-year term, fully amortizing (interest-only during construction period) • Non-recourse and fully assumable • Combined construction and permanent loan
Mortgage Loan Amount
The mortgage is limited to the lesser of: • 75% stabilized LTV assisted living (80% for non-profit borrowers) or 80% LTV for skilled nursing (85% for non-profit borrowers) • 90% of certifiable transaction costs • 1.45x underwritten debt service coverage ratio
Prepayment
Standard prepayment schedule is 10% in year one, stepping down 1% annually, however, alternative prepayment structures are available subject to market conditions
Escrow
• Working capital escrow of 4% of loan amount, unused portion will be returned to borrower • Initial operating deficit calculated by HUD and available upon issuance of certificate of occupancy • Minor movable equipment • Monthly escrows for real estate taxes, property insurance, and replacement reserves are required
Transaction Costs
• Purchase price of land/buildings or existing debt • Certified construction costs, bond premium, builder’s profit allowance, and other fees • Architectural fees for design and supervision • Appraisal, engineering, and environmental inspection reports • MIP during construction • Interest, insurance, and real estate taxes during construction • Legal, organizational, audit, title & recording, and survey fees • HUD application fee of 0.30% & HUD inspection fee of 0.50% • FF&E – major fixed and movable items BERKADIA.COM / 800.446.2226 a Berkshire Hathaway and Jefferies Financial Group company
© 2023 Berkadia Proprietary Holding LLC. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. For state licensing details for the above entities, visit www.berkadia.com/licensing / 1023-114MH.