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 center with new residential care units, while keeping the per diem rates in a similar range, was a large part of this puzzle,” says Stuart Jackson, senior vice president of client services at Greystone.
The new Springbrook Meadows North neighborhood will include 14 duplex buildings housing 28 entrance-fee independent living cottage units and an expansion to the community center. The cottages will be an average of 1,535 square feet and will range between $2,670 and $3,330 in monthly fees and between $386,000 and $555,000 in entrance fees.
Sutton Terrace at University Village will be constructed on the main campus and will feature a new five-story building housing 96 new entrance-fee independent living apartments and 96 under-building parking spaces. The units will average 1,268 square feet and will range between $2,590 and $2,890 in monthly fees and between $341,000 and $452,000 in entrance fees.
Charles Beals Plaza will be constructed in two phases to reduce the disruption to current residents, who will not need to move until Phase I is completed. The new building — a four-story structure featuring 79 residential care units and new administrative areas — will replace the existing Charles Beals Health Center. These units will average 499 square feet and range between $3,300 and $3,830 in monthly fees.
Marketing efforts for the new independent living units began in June 2020. Despite COVID-19 disruption, the sales team has reached 60 percent pre-sales.
Other development team members include LRS Architects, Pence Construction Inc., Anstey Hodge and Mennonite Health Services Consulting. The expansion is slated for completion in May 2023.