Cain Brothers Arranges $27.6M Bond Financing to Expand CCRC in Oregon
DALLAS, ORE. — Cain Brothers has arranged $27.6 million bond financing for Dallas Retirement Village, a continuing care retirement community (CCRC) in Dallas, about 15 miles west of Salem.
Operated by Life Care Services, Dallas Retirement Village currently features 45 independent living homes, 73 independent living apartments, 65 assisted living units, 20 memory care units and 121 skilled nursing beds.
The proceeds from the bonds will be used to construct 40 new lodge-style independent living apartments and a 21,000-square-foot clubhouse, as well as refund $2.5 million of existing debt.
Planning for the campus expansion began in 2007, but was placed on hold during the recession.