EUGENE, Ore. — CBRE National Senior Housing has arranged a cash-out refinance for The Springs at Greer Garden, a 217-unit independent living, assisted living and memory care community in Eugene.
This transaction represents CBRE’s second financing of the property. CBRE originally secured construction financing for the community in 2015.
Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the refinance on behalf of a joint venture between The Springs Living and Harrison Street. The amount of the loan was not disclosed.
The developers completed construction in 2017 and reached stabilization within 13 months. Since stabilizing, the property has maintained an occupancy over 91 percent and is currently 96 percent occupied. The community is situated on a 13.4-acre site and comprises 16 buildings totaling 110 independent living units (including 31 cottage units), 75 assisted living units and 32 memory care units.
CBRE secured a five-year, non-recourse, floating-rate loan with 18 months of interest-only payments from a national bank.