Berkadia’s Managing Director, Jay Healy, and Director, Andrew Lanzaro of Berkadia Seniors Housing & Healthcare, have 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 community, which opened in October 2023, was developed by affiliates of Koelsch Communities, a Washington-based senior housing owner and operator. 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.