Berkadia’s Jay Healy and Andrew Lanzaro closed a $102 million bridge loan in partnership with Live Oak Bank for a Class-A seniors housing community in Vancouver, Washington. The loan was structured in an A/B arrangement, with Berkadia funding the subordinate debt, and features a two-year, interest-only term. Loan proceeds were utilized to retire existing bank construction debt, preferred equity from a REIT and a partner note.
Built in 2023, The Park and University Village and The Inn at University Village features 263 units of independent and assisted living. The community was developed by affiliates of a Washington-based seniors housing owner/operator, Koelsch Communities, which is a repeat client of Berkadia. The community experienced strong lease up, with an average of 10 residents per month. Occupancy at the time of closing was 67% with stabilization expected to be achieved in 2026. Berkadia intends to refinance the bridge debt through an agency exit.
