Richmond, Virginia – February 6, 2025 – Berkadia, a prominent leader in the commercial real estate sector, announced today the successful refinancing of La Conner Retirement Inn, an independent and assisted living facility located in La Conner, Washington. Managing Directors Ed Williams and Steve Muth, along with Senior Director Garrett Sacco of Berkadia Seniors Housing & Healthcare secured a $11.35 million loan through a life insurance company on behalf of the sponsor, Oregon-based Radiant Senior Living.
The loan features a multi-year term with an attractive fixed interest rate, an initial period of interest-only payments, a long-term amortization schedule, and a conservative loan-to-value ratio.
“We are thrilled with the process we conducted and delighted that a life company emerged as the winning lender,” said Muth. “The strong competition among banks and life companies ensured that our client achieved the best possible outcome.”
Nestled in the picturesque Skagit County, La Conner Retirement Inn offers a comprehensive range of senior living options, including both Independent and Assisted living services. Located at 204 North 1st Street in the heart of historic downtown La Conner, this charming community is less than two hours north of Seattle and just steps from the waterfront and the town’s boardwalk entrance. Residents enjoy convenient access to museums, fine dining, wine bars, and the town square, all within walking distance. The property features seven independent living cottages, and a three-story building licensed for 60 assisted living units. With thoughtfully designed common areas, outdoor spaces, and a variety of floor plans, including studio, one-bedroom, two-bedroom, and two-bedroom deluxe apartments, La Conner Retirement Inn enables residents to seamlessly transition from independent living to assisted living within their existing units.
Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for even the most complex active adult, independent living, assisted living, memory care and skilled nursing projects across the country. In addition to deep market knowledge, the group offers a full set of investment sales, advisory, underwriting, loan origination services and products including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.
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