Berkadia & Live Oak Bank Close $102M Bridge Loan for Senior Living Community in Vancouver, Washington
Vancouver, Washington – April 9, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today that Managing Director Jay Healy and Director Andrew Lanzaro of Berkadia Seniors Housing & Healthcare successfully closed a $102 million bridge loan in partnership with Live Oak Bank for The Park at University Village and The Inn at University Village, a 263-unit independent and assisted living community located in Vancouver, Washington.
The Class-A community, which opened in October 2023, was developed by affiliates of Koelsch Communities—a Washington-based senior housing owner and operator and a repeat client of Berkadia.
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, as well as a partner note.
Since opening, the community has experienced strong leasing momentum, absorbing 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.
Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for active adult, independent living, assisted living, memory care and skilled nursing projects across the country. In addition to deep market knowledge, the group offers a full set of investment sales, advisory, underwriting, loan origination services and products including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.
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