CORONA, CA—Berkadia Commercial Mortgage, LLC recently originated $30.5 million in financing through Fannie Mae for a 203-unit senior housing facility located in Corona. Berkadia VP Heidi Brunet worked with borrower Kisco Senior Living to secure the 10-year, fixed rate loan.

The loan on Valencia Terrace, which was used to refinance an existing construction loan by BBVA Compass, features a 67 percent loan-to-value (LTV) ratio and amortizes over 30 years. The property, which opened in 2009 and was developed by Kisco, is currently 98 percent occupied. Valencia Terrace's campus includes a large two- and three-story building surrounded by cottages with attached garages, as well as upgraded, energy-efficient amenities. The facility provides both independent and assisted living options for its residents.

“It was an absolute pleasure working with Kisco on this financing, as they are one of the most respected seniors housing companies in the industry,” said Brunet. “With interest rates on the rise, we pride ourselves on our ability to quickly secure low-rate, long-term financing for our seniors housing clients. We hope to work with Kisco again in the future.”