Berkadia Closes $50M Loan for Retirement Community

PORTLAND, OR—Berkadia Commercial Mortgage LLC recently arranged a $49.3 million loan through Fannie Mae for a retirement community here. Vice president Heidi Brunet of Berkadia’s Seniors Housing and Healthcare Group worked with multiple borrowers to secure the loan for Russellville Park, which features independent living, assisted living and memory care apartments. The 10-year, fixed-rate loan amortizes over 30 years and features a 75% loan-to-value ratio.Located at 20 SE 103rd Avenue in Multnomah County, the two building campus (East and West) consists of 293 total units: 186 independent living, 91 assisted living and 16 memory care. The average combined occupancy for the two buildings is currently 95%, up 15% since 2011.

The five-story Russellville East building was constructed in 2004 and is approximately 215,000 square feet. All units within the building are dedicated to independent living. Two major renovation projects have recently been completed, including a new dining room, front lobby and wine bar. The newer, four-story Russellville West building was constructed in 2009 and is approximately 205,500 square feet. The building consists of independent living, assisted living and memory care units. Building amenities include two restaurants, a spa, indoor pool and a wellness center, as well as retail space.