Berkadia Commercial Mortgage LLC (Berkadia) recently closed a $46.4 million loan for two senior housing properties in Portland, Ore. Heidi Brunet, vice president in Berkadia’s Senior Housing Group, originated the loan, which was funded by Berkadia’s bridge loan program, along with BBVA Compass.
Russellville Park East and West are two senior housing properties located contiguously, but operated by LeisureCare as one combined campus. Russellville East (East) was built in 2004 and offers 154 independent living units. By 2008, East had stabilized with 99 percent occupancy and construction on Russellville West began on an adjacent parcel. Russellville West opened in 2009 with 27 independent living, 95 assisted living and 16 memory care units. The purpose of the loan was to refinance existing mortgages on the properties.
The Russellville campus is a best-in-class senior housing community and is centrally located in Portland. The community has three restaurants, a bar, a coffee shop, a salon, a spa and a Prime Fit gym with a resistance pool.
“LeisureCare is a premier senior housing operator and one of our highly valued clients,” said Brunet. “We value our client relationships and are confident we can deliver debt financing products to our clients that meets their objectives, whether the financing need is for permanent financing or interim financing.”
LeisureCare, headquartered in Seattle, Washington, was founded in 1976 is among the largest senior housing operators managing 38 communities, totaling 5,963 units, throughout the US and Canada. Leisure Care is regarded as one of the most reputable, innovative and experienced companies in the senior housing industry.