THE DALLES, Ore. — Capital One has provided a $17.5 million fixed-rate Fannie Mae loan to refinance The Springs at Mill Creek, a 92-unit seniors housing community in The Dalles, a city in northern Oregon.
The sponsor, The Springs Living, is a family-owned seniors housing company with 14 communities totaling nearly 1,700 beds in Oregon and Montana.
The sponsor is using the loan to pay off existing debt and buy out its joint venture partner, a private equity firm based in Chicago.
Dague Retzlaff and Mark Bultman of Capital One originated the transaction. The team worked with Capital One’s Multifamily Finance team to structure the transaction.