FLORIDA and OREGON — Berkadia Seniors Housing & Healthcare has provided four loans totaling $56.6 million in volume through HUD’s 232/223(f) program, all of which feature the program’s maximum loan term of 35 years. In the first transaction, Ed Williams of Berkadia Seniors Housing & Healthcare closed a $14.5 million 232/223(f) HUD loan secured by a 139-bed skilled nursing facility located in South Florida for a Florida-based client. The loan refinanced a bridge loan Williams placed in 2019 and a subsequent cash-out, borrow-up originated by the senior lender in August …
Oregon
OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of five independent living, assisted living and memory care communities in Oregon. The portfolio consists of 468 total units with communities built in the 1980s and 1990s. The portfolio generated approximately $4.8 million in EBITDAR in 2022. The buyer was Arcus Healthcare Partners, which also assumed the existing Freddie Mac loan and current operator. The seller and price were not disclosed. The Blueprint team included Dan Mahoney, Michael Segal and Ben Firestone.
MCMINNVILLE, Ore. — The Springs Living, a McMinnville-based operator, has appointed two new regional directors of operations (RDOs). Ole Lindbo, who is new to the organization, has been named RDO of the northern Oregon region. Tim Minks, who has served as an executive director at The Springs Living for more than three years, will become RDO of the Montana region. With over 15 years of experience leading senior living communities, Lindbo comes to The Springs Living from his previous role as RDO at Sapphire Health Services in Oregon. Previously, he …
IDAHO, NEVADA and OREGON — Berkadia Seniors Housing & Healthcare has arranged a total of $40.8 million in financing for a skilled nursing facility in Idaho, transitional care facility in Nevada, and an independent living, assisted living and memory care community in Oregon. For the Idaho property, Jay Healy closed an $8.3 million 232/223(f) HUD loan to refinance a Berkadia and Live Oak Bank bridge loan for the asset’s acquisition. The five-star, 60-bed facility was built in 2017. The loan features an 80 percent loan-to-value ratio and 35-year term. Occupancy …
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has provided a $13.8 million mezzanine loan that supported the refinancing of eleven skilled nursing facilities and one assisted living facility. In addition to the mezzanine debt, CFG helped the client place the senior debt, which totaled $78.5 million. The total financing package amounted to $93.3 million. The facilities, which span Washington, Idaho, and Oregon, comprise over 1,554 beds. Further details on the borrower and properties were not disclosed.
Walker & Dunlop Arranges $15.2M Refinancing for Waterhouse Ridge Memory Care in Beaverton, Oregon
BEAVERTON, ORE. — Walker & Dunlop has arranged a $15.2 million loan for the refinancing of Waterhouse Ridge Memory Care in Beaverton, just west of Portland. Located at 1115 NW 158th Ave., Waterhouse Ridge features 68 memory care beds. Onelife Senior Living developed, owns and operates the facility, which is currently 88 percent occupied. Kevin Giusti and Daniel Barone of Walker & Dunlop led the origination team that placed the loan through one of its lending partners. Loan proceeds were utilized to refinance existing debt and provide cash to the …
PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Revere Court, a 30-unit memory care community in Portland. The facility was built in 2010 and expanded in 2013. It totals 16,300 square feet on two acres of land, A REIT sold the asset to a local owner-operator for an undisclosed price. The buyer plans to spend money on capital improvements and focus improving occupancy and operations. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “The seller is a REIT divesting of non-core, …
SALEM, Ore. — Dwight Capital has provided a $35.7 million HUD 232/223(f) refinancing for Boone Ridge Senior Living. The 151-bed assisted living facility and memory care complex is located in Salem, approximately 50 miles southwest of Portland. Boone Ridge offers 103 assisted living beds and 48 memory care beds across 5.7 acres. The community opened in 2019. This historic loan is the FHA’s first firm commitment issued under its Section 232 Residential Care Facility Green Mortgage Insurance Premium Reduction Program. Eligible properties for this program must meet industry-recognized green building …
PORTLAND, Ore. — Vassar Byrd has announced plans to resign as CEO of Rose Villa, the nonprofit continuing care retirement community (CCRC) in Portland she has served for 17 years. Byrd’s decision follows the completion of Rose Villa’s 10-year master plan and campus redevelopment. A departure date has not been set and Byrd will continue serving as CEO while an executive search is underway. Byrd joined Rose Villa in 2006. In 2014, she spearheaded a comprehensive campus redevelopment that has earned recognition and industry accolades for its award-winning design, environmentally …
PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 72-unit assisted living and memory care community in Portland. The facility was built in 1961 with renovations in 2021. The property totals 52,217 square feet on approximately 4.22 acres of land. The seller was a local owner-operator seeking to retire from the industry. The buyer was a private equity company based in Salt Lake City, with senior living communities throughout the country. This is the buyer’s second community in the Portland market. The price was not …