Berkadia announced today the financing of Meadow Glen of Leesburg, a 40-bed assisted living property in Leesburg, Virginia. Managing Director Laura Saull Smith of Berkadia’s Chevy Chase office secured $5,078,000 to refinance this property for Cali Realty Capital, LLC.

The loan was refinanced through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan program. This program allows for streamlined refinancing of existing HUD-insured senior care properties. Utilizing this program allowed the borrower to lock in a low, fixed interest rate and extend the loan back to its original 35-year term, saving over $700,000 in debt service over the next 10 years of the loan.

“This will be the third time I’ve worked with Dick McClellan and Paul V. Cali to finance this unique property, and the new HUD loan will position Meadow Glen for many more years of success,” said Saull Smith. “The final term extension will be just inside of 12 years and includes funding an outstanding prepayment penalty and covering 100 percent of closing costs.”

“Laura and her team at Berkadia are a group of outstanding professionals that delivered results beyond expectations, in the most efficient and timely manner,” said Paul V. Cali, managing principal of Cali Realty Capital LLC., the property owner.

Meadow Glen’s main facility was constructed in 2001 and complements an existing 1834 farmhouse community center. The facility includes 37 suite units with 40 beds.

About Berkadia®:

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.

To learn more about Berkadia, please visit www.berkadia.com.