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.
Oregon
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 …
BROOKINGS, ORE. — A regional operator has acquired Ocean Park Memory Care, a memory care facility located on Route 101 in Brookings. An undisclosed REIT sold the property for $3.4 million. Situated on 16.9 acres, the 21,026-square-foot facility features 40 units offering a total of 55 memory-care beds. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
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