Berkadia closed ten loans totaling $103 million in Q4 2025, supporting various healthcare facilities across nine states.

Information on the Target

In the fourth quarter of 2025, Berkadia, a prominent leader in the commercial real estate sector, successfully closed ten loans totaling $103 million. This activity, led by Managing Director Jay Healy and Director Andrew Lanzaro, included seven HUD 232/223(f) loans amounting to $70 million and three bridge loans totaling $33 million, financing eleven communities across nine states for four different sponsors. Among these transactions, notable deals involved a repeat Berkadia client from El Segundo, California, securing $26 million across three loans.

One significant transaction involved the financing of two HUD 232/223(f) loans with an 80% loan-to-value (LTV) ratio, totaling $19 million, which refinanced Berkadia bridge loans executed in early 2025. These bridge loans previously financed the acquisitions of a memory care community in Ashland, Oregon, and an assisted living facility in Clinton Township, Michigan. Both HUD loans effectively addressed Berkadia bridge debt along with transaction costs and related-party acquisition liabilities. Furthermore, a $7 million bridge-to-HUD loan was provided for acquiring a 47-unit assisted living facility in Denton, Texas, which has shown strong occupancy rates.

Industry Overview in the Target’s Specific Country

The healthcare real estate sector, particularly for senior housing and skilled nursing facilities, remains robust in the United States, driven by an aging population and increasing demand for specialized care facilities. This sector is characterized by diverse funding options including HUD financing, which has b