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Oregon

AcquisitionsAssisted LivingNewsOregon

SLIB Negotiates Sale of 95-Unit Community in Ashland, Oregon

by Jeff Shaw

ASHLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Skylark, an assisted living and memory care community in Ashland, located near the California border. Totaling 95 units, the community was built in 1997 with a renovation project in 2015. The facility is approximately 66,169 square feet and is situated on approximately 2.85 acres of land. The seller was regional owner-operator looking to exit the Oregon market. The buyer is a regional investor that will use a third-party operator. The price was not disclosed. Jason Punzel, Vince …

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FinanceNewsOregon

Berkadia Arranges $82.4M Financing for Community in Portland

by Jeff Shaw

PORTLAND, Ore. — Berkadia Seniors Housing & Healthcare has arranged $82.4 million in financing for Touchmark in the West Hills, a seniors housing community in Portland. The borrower is Oregon-based Touchmark. Further details on the property and the use of the financing were not disclosed. Chris Cain and Rafael Nobo of Berkadia Seniors Housing & Healthcare secured the financing through Freddie Mac. The seven-year loan has a 53 percent loan-to-value ratio.

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FinanceNewsOregon

Berkadia Arranges $50.2M HUD Refinancing for Community in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — Berkadia Seniors Housing & Healthcare has arranged a $50.2 million HUD 232/223(a)(7) refinancing for a 253-unit independent living, assisted living and memory care community in Portland. “Historically, the property has maintained an occupancy percentage in the low 90s and ended 2020 with an occupancy of 88 percent, showing impressive resilience throughout the pandemic,” says Ed Williams of Berkadia, who led the refinancing. “The HUD refinance will allow the borrower to save on debt service and MIP payments through the combination of a lower rate and an extension …

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AcquisitionsAssisted LivingNewsOregon

SLIB Arranges $8M Sale of Harmony Guest Home in Hillsboro, Oregon

by Jeff Shaw

HILLSBORO, Ore. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Harmony Guest Home, a 42-unit assisted living and memory care community in Hillsboro, a suburb of Portland. The 22,597-square-foot community was built in 2002 with additions in 2006 and 2012. A one-property owner-operator looking to retire sold the asset for $8 million. The buyer was a national private equity that will partner with a third-party operator. The buyer plans to convert beds from assisted living to memory care and will also conduct a community-wide refresh. Jason Punzel, …

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DevelopmentNewsOregon

Alliance Residential Breaks Ground on 237-Unit High-Rise in Downtown Portland

by Jeff Shaw

PORTLAND, Ore. — Alliance Residential has started construction on Holden of Pearl, a 16-story seniors housing community in the Pearl District of downtown Portland. The 237-unit community will offer apartments for rent that cater to residents seeking both independent and assisted living, while also reserving a separate, private community for memory care residents. The asset includes 28,000 square feet of indoor amenity space. Milestone Retirement Communities will operate the property upon completion. Although a development cost was not disclosed, CBRE arranged a $103 million construction loan for the project. Aron …

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DevelopmentIndependent LivingNewsOregon

Live Oak Provides $28.5M Construction Financing for Independent Living Expansion in Salem, Oregon

by Jeff Shaw

SALEM, Ore. — Live Oak Bank has provided a $28.5 million loan for the construction of a 142-unit independent living expansion in Salem, approximately 45 miles south of Portland. The borrower is Mosaic Management. The project will be Phase II of a larger campus, which already includes a 138-unit assisted living and memory care building that was completed in May 2019. The expansion will total 147,000 square feet on an 8.9-acre plot.

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AcquisitionsMemory CareNewsOregon

Cushman & Wakefield Arranges $25M Sale of Memory Care Community in Portland

by Jeff Shaw

PORTLAND, Ore. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged the off-market sale of a 99-unit,114-bed memory care community in a Portland for $25 million. This represents the second sale of the community within a 15-month period for the firm, with the first sale as part of a larger portfolio disposition of non-core assets for a public REIT. The seller was a privately owned, California-based national operator. The buyer is a growing regional owner-operator based in the Portland metro area. The Cushman & Wakefield team involved in …

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DevelopmentFinanceNewsOregon

CBRE Arranges $60.4M Construction Financing for The Springs at Happy Valley in Oregon

by Jeff Shaw

HAPPY VALLEY, Ore. — CBRE National Senior Housing has arranged $60.4 million in construction financing for The Springs at Happy Valley, a senior living community to be built in Happy Valley. Situated on a 6.95-acre site, the community will feature 210 units, about half of which are earmarked for independent living and the other half for assisted living and memory care. Happy Valley is an affluent suburb approximately 10 miles southeast of downtown Portland. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the financing on …

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AcquisitionsIndependent LivingNewsOregon

SLIB Arranges $3.5M Sale of Barnett Woods in Medford, Oregon

by Jeff Shaw

MEDFORD, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Barnett Woods, a 70-unit independent living community in Medford, near the California border. The community was built in 1975 with a renovation in 1980. The 60,796-square-foot building sits on nearly three acres. The seller was a regional owner-operator looking to focus on higher-acuity communities. A local owner-operator acquired the property for $3.5 million and plans to remodel and reposition the asset. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

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AcquisitionsAssisted LivingNewsOregon

SLIB Brokers $15.7M Sale of The Grove and The Gardens in Forest Grove, Oregon

by Jeff Shaw

FOREST GROVE, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Grove and The Gardens, a 92-unit assisted living and memory care community in Forest Grove, approximately 25 miles west of Portland. A family retiring from the industry sold the property to a regional owner-operator for $15.7 million. The community was built in 1996, with memory care added in 2000. The facility is approximately 63,000 square feet and is situated on approximately 2.7 acres of land plus an additional one-acre lot. The buyer plans to remodel …

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