WEST LINN, Ore. — Owner-operator Cadence Living has partnered with boutique investment firm Dylan Investments to acquire Tanner Spring, an assisted living and memory care community in the affluent Portland suburb of West Linn. The community comprises 62 assisted living units and 26 memory care units. The partnership also acquired the adjacent vacant land and has plans to add 100 residential units in the future. Orix Securities advised the seller on the transaction and Blueprint Healthcare Real Estate advised the buyer. “We have been focused on the northwest for our …
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 …
BEAVERTON, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Murray Highland Memory Care in Beaverton, a suburb of Portland. The community features 18 memory care units totaling 24 beds. The 12,048-square-foot community was built in 2018 on a 0.7-acre plot. The average rent is $7,350 per month. The seller is a local owner exiting the seniors housing industry. The buyer is a regional operator with an existing portfolio in California, and is looking to expand to Oregon. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB …
EUGENE, Ore. — Carnegie Capital has arranged a $7.4 million refinancing for a 60-unit memory care community in Eugene. The cash-out refinancing represents a 75 percent loan-to-value ratio, and bears an interest rate of 5.55 percent for three years. Residents at the community are approximately half private pay and half Medicaid. The borrower is a regional owner-operator. The lenders are a national bank and a private lender.
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How One Lender is Expanding to Meet the Evolving Needs of Seniors Housing Borrowers
If they haven’t already, it may be time for investors to reject the notion that seniors housing is a niche asset class. To meet surging demand for the properties brought on by the aging baby boomer population, sophisticated owners have spent years building modern, amenity-rich properties that feel like home, a far cry from 20th century versions of the model, which were often bare-boned and sterile environments. Despite the complex nature of underwriting healthcare operators, the number of lenders serving seniors housing developers has ballooned over the years given the …
GRESHAM, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living and memory care community in Gresham, an eastern suburb of Portland. This undisclosed property features a total of 135 units. The community was built in 1988 and expanded in 1998. The facility is approximately 103,090 square feet and is situated on approximately 4.1 acres of land. The seller is a Portland based owner-operator divesting of its only senior living community. The buyer is a regional owner-operator seeking to grow its Pacific Northwest portfolio. The …
PORTLAND, Ore. — Norris & Stevens has brokered the sale of Laurelhurst House, a 38-unit assisted living community in Portland. LHH Property acquired the 22,612-square-foot property from Laurelhurst House LLC for $4.6 million. The property was 100 percent occupied. The seller was the original developer, which built the three-story community in 2000. Todd VanDomelen and David Chatfield of Norris & Stevens represented the seller in the transaction.
PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Senior Haven, an assisted living community in Portland, Oregon. The property features 47 units totaling 50 beds. The community was built in 2012 and expanded in 2018. The facility is approximately 19,337 square feet and is situated on approximately 1.29 acres of land. A local owner-operator sold the property for an undisclosed price, and will continue to serve as a consultant post-closing. Senior Haven is the seller’s only senior living community. The buyer is a regional operator …
Lancaster Pollard Provides $4.9M HUD Refinancing for Marjorie House Memory Care in Oregon
by Jeff Shaw
MCMINVILLE, Ore. — Lancaster Pollard has arranged a $4.9 million HUD loan to refinance Marjorie House, a 45-bed memory care community in McMinnville, approximately 35 miles southwest of Portland. Senior Development Resources operates the community. The borrower is Giza Development, which used the original bridge loan from OREC Structured Finance Co. to buy out other investors and refinance construction debt. Under HUD rules, the project was immediately available for permanent refinancing, and Giza received long-term rate through the FHA Section 232/223(f). Ross Holland led the transaction for Lancaster Pollard.
Confluent Senior Living Sells Three MorningStar Communities in Iowa, Oregon, New Mexico
by Jeff Shaw
WEST DES MOINES, Iowa, BEAVERTON, Ore., and SANTA FE, N.M. — Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development, has sold three of its MorningStar-branded communities. Confluent Senior Living co-developed each community with its operating partner MorningStar Senior Living. MorningStar will maintain its role as operator for the communities. CBRE brokered the deal on behalf of Confluent Senior Living. In West Des Moines, the MorningStar at Jordan Creek community opened in March 2018. The 71,000-square-foot community provides 85 assisted living and memory care …