Berkadia Arranges Sale, Financing of LI Senior Living Complex

October 2, 2024October 7, 2024

Berkadia arranged the financing and sale of a senior living community in South Setauket in Long Island’s Suffolk County. Berkadia Seniors Housing & Healthcare provided both investment sales and mortgage banking advisory for a 196-unit independent living and assisted living community.

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. After closing, the community will be rebranded as The Village at South Setauket and undergo extensive capital expenditure projects.

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.

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