HORSHAM, PA—Subsidiaries of Hong Kong-basaed Chevalier Group have refinanced a portfolio of 15 seniors housing communities in North Carolina. The $85.9 million in mortgage financing for the properties was originated by Berkadia Commercial Mortgage LLC.
The loans, which have a 35-year, fixed-rate term through HUD's 232/223(f) program, will be used to refinance prior debt on the 15 properties that was originated in December 2012 by Horsham, PA-based Berkadia and GE Capital Healthcare Financial Services.
Christopher Fenton, vice president of Berkadia's Seniors Housing and Healthcare Group, says the new loans are fully amortizing, and feature a 4.03% interest rate. The 15 communities, operated by Meridian Senior Living, consist of 1,136 beds and are approximately 90% occupied.
“Berkadia has worked with Chevalier in the past, and the fact that they chose to work with us again speaks to their trust in our service,” says Fenton. “Our experience working with HUD on a number of previous portfolio transactions allowed us to efficiently guide them through the process.”
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