Berkadia recently facilitated the sale and financing of a senior living community located in South Setauket, Suffolk County on Long Island. The company’s Seniors Housing & Healthcare division provided both investment sales and mortgage banking advisory services for this 196-unit independent living and assisted living complex.
Under the leadership of Managing Directors Steve Muth and Austin Sacco, Berkadia Seniors Housing & Healthcare successfully secured $15.6 million in acquisition and CapEx financing from Old Second Bank on behalf of Cougar Capital Management, a Massachusetts-based buyer. The loan has a fixed rate for three years with an attractive interest rate, as well as 18 months of interest-only payments. Following the completion of this transaction, the community will be rebranded as The Village at South Setauket and undergo significant capital expenditure projects.
In addition to this financing deal, Berkadia’s Managing Directors Mike Garbers,Cody Tremper,Ross Sanders,and Dave Fasano also closed the sale transaction for this property on behalf of a publicly traded REIT.
This news was originally reported by Connect CRE but has been rewritten to provide clearer language while maintaining accuracy.
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