Berkadia announced the financing and sale of a senior living community on Long Island in New York. After closing, the community will be rebranded as The Village at South Setauket and undergo extensive capital expenditure projects.
Berkadia Seniors Housing & Healthcare provided both investment sales and mortgage banking advisory for a 196-unit independent living and assisted living community. The deal closed on September 27.
Managing Directors Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare secured $15.6 million in acquisition and CapEx financing through Old Second Bank on behalf of the buyer, Massachusetts-based Cougar Capital Management. The three-year fixed rate loan featured an attractive interest rate and 18 months of interest only.
Managing Directors Mike Garbers, Cody Tremper, Ross Sanders, and Dave Fasano of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of a publicly traded REIT.
Located approximately 60 miles east of New York City, The Village at South Setauket offers an outdoor swimming pool, fitness center, wellness clinic, restaurant, bistro, library, salon, and on-site physician office space. The property is situated in close proximity to Stony Brook University and its affiliate Stone Brook University Hospital, the premier medical facility on Long Island.
Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for even the most complex independent living, assisted living, memory care and skilled nursing projects across the country. In addition to deep market knowledge, the group offers a full set of advisory, underwriting, loan origination services and products including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending, and Capital Markets Advisory Services.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
