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 certifications and achieve significant and measurable energy and water efficiency improvements. 

Boone Senior Living is in the process of achieving a National Green Building Standard Bronze certification and will use the rate reduction to finance $600,000 in proposed energy conservation retrofits. 

Oak Grove Financial brokered the transaction. The borrower was not disclosed.

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