Transactions and Financings: Berkadia, Poppy Bank Close $329M; Covenant Adds Two Communities


Berkadia, Poppy Bank close over $329 million

Berkadia Seniors Housing and Healthcare announced it has worked with Poppy Bank to close on over $329 million of bridge debt in April, May and June.

According to a press release, the total includes 12 properties totaling 1,597 units.

“We are fortunate to have a longstanding relationship with Poppy Bank and are proud to have crossed the finish line on these deals amidst the current market conditions over the past year,” Berkadia Managing Director Chris Cain said in the release.


Capital Funding Group closes on $42 million

Capital Funding Group announced it closed on a $42 million HUD financing package on June 24 which will be used to benefit three skilled nursing facilities.

According to a press release, the funding will be utilized by facilities in Idaho and Washington.

The package will be used to refinance existing bridge loans for all three facilities.



Covenant adds two communities

Covenant Living Communities announced it has closed on an affiliation with Presbyterian Homes of Tennessee and brought on two more communities.

According to a press release, under the affiliation agreement the communities will be governed, operated and managed by Covenant Living.

The affiliation expands Covenant’s footprint to 11 states.


Solera Senior Living named operator of North Carolina community

Solera Senior Living announced that on June 25 it was named the operator of The Willows at Raleigh, an independent living community in Raleigh, North Carolina.

According to a press release, the community offers 143 independent living residences with ​​studio, one-bedroom and two-bedroom options.

The community was recently acquired by Focus Healthcare Properties.

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