Carnegie Capital Arranges $7.7M Financing for Four Communities in Oregon

OREGON — Carnegie Capital has arranged $7.7 million in financing for four seniors housing communities located in small, tertiary markets throughout Oregon.

The financing will help fund a conversion of 136 assisted living units to 60 assisted living and 85 memory care units across the communities. The borrower is a private, multi-state fund that has partnered with a local operator.

“Debt markets are tighter than they have been in years,” says JD Stettin of Carnegie Capital, who originated the financing. “But we continue to see support and appetite in the seniors housing space from some of our banks and credit unions who understand that the fundamentals of this sector have not changed.”

The loan represented a 73 percent loan-to-cost ratio for the properties. The three-year, fixed-rate loan features full-term, interest-only payments.