Search
 

Berkadia Closes $46M Loan For Senior Housing

PORTLAND, OR-The team completes the loans for Russellville East and West via its proprietary bridge loan program.

By Carrie Rossenfeld | Updated on April 23, 2012

PORTLAND, OR-Berkadia Commercial Mortgage LLC has closed a $46.4-million loan for two senior housing properties here. Heidi Brunet, VP in Berkadia’s senior-housing group, originated the loan, which was funded by the company’s bridge-loan program, along with BBVA Compass. The purpose of the loan was to refinance existing mortgages on the properties.

The two properties, Russellville Park East and West, are located contiguously, but operated by LeisureCare as one combined campus. East was built in 2004 and offers 154 independent-living units. By 2008, East had stabilized with 99% occupancy, and construction on West began on an adjacent parcel. West opened in 2009 with 27 independent-living 95 assisted-living and 16 memory-care units.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.