Oregon

AcquisitionsAssisted LivingNewsOregon

SLIB Negotiates Sale of 27-Unit Canyon Rim Community in Maupin, Oregon

by Jeff Shaw

MAUPIN, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Canyon Rim, a 27-unit assisted living community in Maupin, approximately 100 miles southeast of Portland. The community was built in 2005. It totals approximately 18,652 square feet on approximately 3.6 acres of land. The seller was a regional owner-operator that is now focusing on larger communities in major West Coast metropolitan areas. The buyer is a regional owner-operator out of Idaho that focuses on smaller communities. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince …

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ConnecticutFinanceM&T Realty Capital CorporationMassachusettsNewsOregon

M&T Provides $36M in Financing for Three Seniors Housing Communities

by Jeff Shaw

FARMINGTON, Conn., CHELSEA, Mass. and OREGON — The M&T Realty Capital Corp. (MTRCC) Seniors Housing Team has provided three financing transactions for seniors housing communities totaling $36 million. In the first transaction, M&T provided a $7.1 million FHA-insured loan for the refinance of a 73-unit assisted living facility located in Farmington. The loan was completed under the 232/223(a)(7) program. In the second transaction, M&T provided a $11.4 million bridge-to-HUD loan for the acquisition of a 95-unit assisted living and memory care community located in Southern Oregon. In the final transaction, …

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CCRCDevelopmentNewsOregon

Greystone Plans $124.2M Expansion at Friendsview CCRC in Newberg, Oregon

by Jeff Shaw

NEWBERG, Ore. — Greystone plans to break ground July 8 on an expansion project at Friendsview, a continuing care retirement community (CCRC) in the Portland suburb of Newberg. Yamhill County Hospital Authority issued $124.2 million in bond financing, underwritten by Ziegler, for the project. The community was founded in 1961 and boasts affordable CCRC living, with average monthly fees of $2,500. The expansion will bring new amenities to current residents across three new components named Springbrook Meadows North, Sutton Terrace at University Village and Charles Beals Plaza. “Replacing the health …

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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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