Oregon

Assisted LivingFinanceNewsOregon

Dwight Capital Provides $35.7M HUD Loan for Boone Ridge Senior Living in Salem, Oregon

by Jeff Shaw

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 …

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CCRCNewsOregonPeople

Rose Villa CCRC in Portland, Oregon Announces CEO Transition Plan

by Jeff Shaw

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 …

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AcquisitionsAssisted LivingNewsOregon

SLIB Brokers Sale of 72-Unit Community in Portland, Oregon

by Jeff Shaw

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 …

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Assisted LivingFinanceNewsOregon

Lument Funds $14.7M Bridge Loan for Arcadia Senior Living in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — Lument has provided a $14.7 million proprietary bridge loan to refinance Arcadia Senior Living, a 68-unit assisted living community in Portland. Casey Moore, managing director with Lument in San Diego, led the transaction for Lument. The bridge loan refinances outstanding debt, provides earn-out proceeds and positions Arcadia for a future HUD refinancing. Built in 2019, Avant Senior Housing & Consulting LLC operates the community. Arcadia is owned by a partnership, whose principal, Kelvin Ng, represented the borrower in this transaction.

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FinanceNewsOregon

CBRE Arranges $58M Refinancing for Two Springs Communities in Oregon

by Jeff Shaw

LAKE OSWEGO and WILSONVILLE, Ore. — CBRE National Senior Housing has arranged a $58 million refinancing for The Springs at Carman Oaks and The Springs at Wilsonville on behalf of The Springs Living (TSL). Nestled in the northwestern corner of Clackamas County, The Springs at Carman Oaks is situated in the affluent suburb of Lake Owego, while The Springs at Wilsonville is located in Wilsonville, approximately 17 miles south of downtown Portland. The communities combined offer 294 independent living, assisted living and memory care units. Aron Will, Tim Root and …

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Assisted LivingDevelopmentNewsOregon

Ryan Cos., Cogir, Harrison Street to Build 107-Unit Community in Tigard, Oregon

by Jeff Shaw

TIGARD, Ore. — Ryan Companies US Inc., Cogir Senior Living and Harrison Street have formed a joint venture to build Cogir of Tigard, a 107-unit seniors housing community in Tigard, approximately 10 miles southwest of Portland. The joint venture has already closed on financing and started construction of the high-end community. The Tigard market area’s senior population is expected to grow by nearly 28 percent over the next five years, according to ESRI. Cogir of Tigard is Ryan’s first senior living project in Oregon. The community will total 119,506 square …

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AcquisitionsNewsOregon

SLIB Negotiates Sale of 25-Unit Clackamas View in Milwaukie, Oregon

by Jeff Shaw

MILWAUKIE, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Clackamas View, an independent living, assisted living and memory care facility in Milwaukie, just south of Portland. The facility consists of 25 units and was built in 2012. The property totals 15,132 square feet on approximately 1.42 acres of land. The buyer was a private investor that will lease the community to a local operator. The buyer plans to spend money on capital improvements and focus on private pay residents. Jason Punzel, Brad Goodsell, Vince Viverito and …

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AcquisitionsAffordable HousingDevelopmentFinanceKeyBankNewsOregon

KeyBank Provides $67M Acquisition Financing for Grace Peck Terrace Apartments in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — KeyBank Community Development Lending and Investment (CDLI) has provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, an affordable seniors housing property in Portland. Grace Peck Terrace features 95 one-bedroom units for residents age 62 and older or disabled persons earning no more than 60 percent of the area median income (AMI). The borrower, Home Forward, is a developer, owner and operator of more than 9,500 affordable units in Portland and its surrounding counties. KeyBank’s CDLI group arranged a $27.2 million construction …

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AcquisitionsIndependent LivingNewsOregon

Cushman & Wakefield Arranges $35M Sale of Crescent Park Independent Living Community in Eugene, Oregon

by Jeff Shaw

EUGENE, Ore. — Cushman & Wakefield has arranged the sale of Crescent Park, a 119-unit independent living community in Eugene. Built in 2014, the community is a three-story, 116,000-square-foot community on 5.7 acres. Inspired Healthcare Capital acquired the asset for $35 million. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig and Dan Baker represented the seller, an investment management firm with a focus on alternative assets including seniors housing. “Crescent Park showed exceptional stabilized performance throughout the pandemic and closed at the original contract price despite challenging capital markets,” …

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AcquisitionsIndependent LivingNewsOregon

Cushman & Wakefield Brokers $57.8M Sale of The Alexander Bend Independent Living Community in Bend, Oregon

by Jeff Shaw

BEND, Ore. — Cushman & Wakefield has arranged the sale of The Alexander Bend, a 136-unit independent living community in Bend. Opened in late 2019 and representing the city of Bend’s newest independent living offering in over 10 years, The Alexander Bend features 3.1 acres of adjacent land. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard represented the seller, BPM Real Estate Group, in the transaction. The buyer was Touchmark, which renamed the community Touchmark at Pilot Butte and will operate it alongside Touchmark …

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