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AcquisitionsNewsOregonSkilled Nursing

SLIB Brokers Sale of 38-Unit Cornerstone Care in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Cornerstone Care Option, a 38-unit, 56-bed skilled nursing facility in Portland. The community was originally built in 1955 on 7.3 acres, with renovations in 2006. The 98,700-square-foot asset was 98 percent occupied. The seller was a local owner-operator looking to retire from seniors housing. A regional group based in the West acquired the property for an undisclosed price. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

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Assisted LivingDevelopmentFinanceNewsOregon

Ziegler Arranges $24M Construction Loan for Onelife Community in Springfield, Oregon

by Jeff Shaw

SPRINGFIELD, Ore. — Ziegler has acted as financial advisor in a debt placement totaling $24 million. The borrower, Onelife Senior Living, will use the funds to develop Esther Assisted Living Community, a 103-unit property in Springfield, a suburb of Eugene. The Esther will be the fifth assisted living/memory care community owned by Onelife in Oregon. The financing provides a construction and bridge term for Onelife to build and stabilize the community prior to placing long-term, permanent, fixed-rate financing via long-term agency debt. The transaction was closed with asset management firm …

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AcquisitionsAssisted LivingNewsOperationsOregon

Ridgeline Takes Over Operations of Bayberry Commons in Springfield, Oregon

by Jeff Shaw

SPRINGFIELD, Ore. — Ridgeline Management Co. has reestablished its relationship with Bayberry Commons, a 62-unit assisted living and memory care community in Springfield. The community opened in 2007, and Ridgeline formerly operated the property for an undisclosed period. Bayberry Commons allows Ridgeline to expand its existing footprint in Oregon, where Chateau Gardens, a 22-unit memory care community, is less than two miles away. In Oregon, Ridgeline also manages Waverly Place in Albany, as well as home health company Wellness at Home.

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AcquisitionsNewsOregon

SLIB Negotiates Sale of Four Communities in Oregon

by Jeff Shaw

BROOKINGS, GOLD BEACH and SHERIDAN, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of four properties in Oregon: two properties in Brookings, one in Gold Beach and another in Sheridan. The combined communities consist of 169 units and 190 beds. Brookings is a city in Curry County, located on the coast. Gold Beach is located 30 miles north of Brookings on the coast. Sheridan is located approximately 50 miles southwest of Portland. These facilities combined total approximately 109,507 square feet and are situated on approximately 25.6 acres …

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AcquisitionsMemory CareNewsOregon

Blueprint Brokers $11M Sale of Regent Court Memory Care Community in Corvallis, Oregon

by Jeff Shaw

CORVALLIS, Ore. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Regent Court Senior Living, a 32-unit memory care community in Corvallis. Summit Healthcare REIT Inc. sold the asset to a regional owner-operator for $11 million, or $344,000 per unit. Further details were not disclosed.

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AcquisitionsMontanaNewsOregon

Harrison Street Sells Five Seniors Housing Properties in Oregon, Montana to Springs Living for $193.5M

by Jeff Shaw

MEDFORD and EUGENE, Ore., and BUTTE and BILLINGS, Mont. — Harrison Street has completed the disposition of five senior housing properties valued at $193.5 million to The Springs Living. The properties were held across several of Harrison Street’s U.S Opportunity Funds and related co-investment vehicles. The portfolio consists of 622 independent living, assisted living and memory care units in Medford, Eugene, Butte and Billings. As of December 2021, the properties had an average occupancy of 93 percent. Further details on the properties were not disclosed.

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CCRCDevelopmentFinanceNewsOregon

Ziegler Arranges $58.4M Financing for Capital Manor CCRC in Salem, Oregon

by Jeff Shaw

SALEM, Ore. — Ziegler has arranged $58.4 million in bond financing for Capital Manor, a continuing care retirement community (CCRC) in Salem. Capital Manor features 302 independent living units and 83 residential care beds with an additional 34 memory care beds. Life Care Services has operated the community since 2010. The financing will refund bonds from 2012 while funding a renovation project that will include a new façade and refreshed common areas. “It has been exciting to see Capital Manor, under Life Care Services’ leadership, execute a major operations turnaround, …

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FinanceMontanaNewsOregon

LTC Provides $25M Recapitalization for Five-Property Portfolio in Oregon, Montana

by Jeff Shaw

OREGON and MONTANA — LTC Properties Inc. (NYSE: LTC) has originated a $25 million mezzanine loan for the recapitalization of a five-property seniors housing portfolio. The loan has a term of five years and two months, with two one-year extension options. It bears interest at 8 percent, with an IRR of 11 percent. Located in Oregon and Montana, The Springs Living operates the five communities, which include independent living, assisted living and memory care and total 621 units. The Springs is a new operator partner for LTC. Aron Will, Austin …

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AcquisitionsMemory CareNewsOregon

Blueprint Negotiates Sale of 105-Unit Memory Care Portfolio in Oregon

by Jeff Shaw

OREGON — Blueprint Healthcare Real Estate Advisors has brokered the sale of a memory care portfolio in Oregon. Built between 1999 and 2014, the portfolio consists of seven 15-unit buildings located in secondary markets along the I-5 Interstate. While historically operating near stabilized levels generating gross revenue of $6 million, performance declined in late 2021 during the COVID-19 pandemic. Occupancy at closing was approximately 85 percent. The seller is retiring and selling off all its assets. The buyer is a regional operator specializing in memory care. The price was $15.9 …

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DevelopmentIndependent LivingNewsOregon

LRS Architects Designs 127-Unit Parkview at Terwilliger Plaza in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — LRS Architects Inc has completed design work for Parkview at Terwilliger Plaza just south of downtown Portland. The 10-story, 370,000-square-foot building will bring 127 independent living apartments to the existing three-building senior living campus while providing space for up to 200 new residents. The project is designed to the Passive House standard with several sustainability goals, including sustainable energy use and improved air quality. “Features such as thermal bridge-free detailing, airtight construction, energy-efficient appliances, heat recovery ventilation and a green roof are central toward creating comfortable and …

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