CBRE Arranges $40.1M Construction Financing for Community in Oregon

by Jeff Shaw

EUGENE, Ore. — CBRE National Senior Housing has arranged construction financing for the construction of The Springs at Greer Gardens, a 216-unit independent living, assisted living and memory care community in Eugene.

The borrower is a joint venture between developer and owner/operator The Springs Living and institutional equity partner Harrison Street.

The community will consist of 30 independent living cottages, 79 independent living apartments, 75 assisted living units and 32 memory care units. The 256,100-square-foot, three-story main building will house the apartments, while the 30 cottages will be located directly adjacent. The entire development is situated on a 13.4-acre parcel.

CBRE secured a five-year, floating-rate loan with 48 months of interest-only payments. The loan was placed through a national bank with a regional bank participant.

Aron Will, executive vice president of CBRE National Senior Housing, arranged the loan.

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