CBRE Arranges $66.4M Construction Financing for 216-Unit Seniors Housing Community Near Portland
LAKE OSWEGO, ORE. — CBRE has arranged a $66.4 million loan for the construction of The Springs Living Lake Oswego, a 216-unit seniors housing community in the Portland suburb of Lake Oswego.
The community will feature 75 independent living units, 30 “assisted living lite” units, 87 assisted living units and 24 memory care units. The 370,887-square-foot building will encompass a five-story residential building over two levels of parking. The development is situated on 4.8 acres.
Aron Will of CBRE National Senior Housing secured the four-year, floating-rate construction loan with 48 months of interest-only payments from a pair of national banks.
The Springs Living will operate the community once it is completed. A timeline was not released.