**Berkadia and Live Oak Bank Close $102M Bridge Loan for Vancouver Senior Living Community**
Berkadia’s Seniors Housing & Healthcare team, led by Managing Director Jay Healy and Director Andrew Lanzaro, has facilitated a $102 million bridge loan in partnership with Live Oak Bank. The financing was secured for The Park at University Village and The Inn at University Village—a newly developed, 263-unit independent and assisted living community located in Vancouver, Washington.
The community, which officially opened in October 2023, was developed by affiliates of Koelsch Communities, a Washington-based owner and operator specializing in senior housing. The bridge loan was structured with a two-tier A/B setup, with Berkadia providing the subordinate debt. The loan features a two-year, interest-only term. Proceeds from the financing were used to retire existing bank construction debt, preferred equity from a real estate investment trust (REIT), and a partner note.
Since its opening, the property has demonstrated strong leasing momentum, averaging an absorption rate of 10 residents per month. As of the loan closing, the community reported 67% occupancy, with full stabilization projected by 2026. Berkadia plans to transition the bridge loan to a permanent agency loan upon stabilization.
