Oregon

CBRE Arranges $40.1M Construction Financing for Seniors Housing Community in Oregon

by Nellie Day November 6, 2015

EUGENE, ORE. — CBRE National Senior Housing has arranged construction financing for The Springs at Greer Gardens, a 216-unit independent living, assisted living and memory care community in Eugene. The borrower is a joint venture between developer and owner/operator The Springs Living and institutional equity partner Harrison Street. The community will consist of 30 independent living cottages, 79 independent living apartments, 75 assisted living units and 32 memory care units. The 256,100-square-foot, three-story main building will house the apartments, while the 30 cottages will be located directly adjacent. The entire development is situated on a 13.4-acre parcel. CBRE secured a five-year, floating-rate loan with 48 months of interest-only payments. The loan was placed through a national bank with a regional bank participant. Aron Will, executive vice president of CBRE National Senior Housing, arranged the loan.

November 6, 2015

Industrial Oregon Western

KeHE Distributors Leases Space at PDX Logistics Center I in Portland

by Nellie Day October 14, 2015

PORTLAND, ORE. — KeHE Distributors has leased a 383,040-square-foot facility at PDX Logistics Center I in Portland. Capstone Partners and PCCP are developing the logistics center, which will be built in two phases. The property will eventually include two spec buildings totaling 848,400 square feet. PDX Logistics Center I is within the Portland International Center, which is owned by the Port of Portland. Both buildings are fully leased.Jerry Matson and Paul Breuer of Colliers International represented the landlord in this lease transaction.

October 14, 2015

Multifamily Oregon Western

Spring Garden Apartments in Portland Sells for $4.4M

by Nellie Day October 5, 2015

PORTLAND, ORE. — Trion Properties has acquired the 44-unit Spring Garden apartments in Portland for $4.4 million. The community is located at 2222 SW Spring Garden St. It was built in 1967. Clay Newton and Jordan Matthews of Kidder Matthews represented both the buyer and seller in this transaction.

October 5, 2015

Multifamily Oregon Seniors Housing Washington Western

Sabra Acquires Nine Seniors Housing Facilities for $84.7M

by Nellie Day October 2, 2015

IRVINE, CALIF. — Sabra Health Care REIT Inc. has acquired two portfolios in Illinois, Oregon and Washington for a total cost of $84.7 million. The REIT acquired a five-community portfolio in Illinois for $19.7 million. The portfolio includes 149 units, mostly memory care. Concurrent with the purchase, Sabra entered into a triple-net master lease agreement with Life’s Journey Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator equal to the greater of the Consumer Price Index or 3 percent. The second portfolio included four communities in Washington and Oregon totaling 196 assisted living units and 18 independent living units. The purchase price was $65 million. Sabra entered into a triple-net master lease agreement with Radiant Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator of 3 percent, resulting in annual lease revenues, determined in accordance with GAAP, of $5 million and an initial yield on cash rent of 6.75%. Based in Irvine, Sabra is the 26th largest owner of seniors housing properties in the …

October 2, 2015

Multifamily Oregon Seniors Housing Western

Skylark Assisted Living in Ashland Sells for $10.8M

by Nellie Day September 29, 2015

ASHLAND, ORE. — An undisclosed buyer has purchased Skylark Assisted Living, a 75-unit assisted living and 34-bed memory care facility in Ashland, for $10.8 million. Skylark Assisted Living, located within the Mountain Meadows age-restricted community, opened in 1997. Skylark was 90 percent occupied at the time of the sale. Dan Mahoney and Tony Cassie, directors of Marcus & Millichap’s National Seniors Housing Group in Portland, represented the sellers and procured the buyer in this transaction.

September 29, 2015

Multifamily Oregon Seniors Housing Western

Hawthorne Gardens Assisted Living in Portland Sells for $10.8M

by Nellie Day September 28, 2015

PORTLAND, ORE. — Marcus & Millichap has arranged the sale of Hawthorne Gardens Assisted Living, a 58-unit, 84-bed assisted living and memory care facility in Portland, for $10.8 million. Located in East Portland, Hawthorne Gardens was built in 2007 and was 88 percent occupied at the time of the sale. Dan Mahoney and Tony Cassie, directors of Marcus & Millichap’s National Seniors Housing Group in Portland, represented the sellers and procured the buyer in this transaction.

September 28, 2015

Loans Oregon Retail Western

HFF Arranges $23M Refinancing for Timberland Town Center in Portland

by Nellie Day September 23, 2015

PORTLAND, ORE. — Holliday Fenoglio Fowler (HFF) has arranged $23 million in financing for Timberland Town Center, a 91,901-square-foot retail center anchored by boutique grocer Market of Choice, in Portland. Casey Davidson of HFF worked on behalf of the borrower, Timberland Town Center LLC, to secure the 10-year, fixed-rate loan with AXA Equitable Life Insurance Co. through its advisor Quadrant Real Estate Advisors. Loan proceeds were used to take out the construction loan, as the property just reached stabilization. Other tenants include Pharmaca, Clutch Sausagery, H&R Block, La Belle Nail, Mud Bay, Zucari Home and Garden, Gentle Dental, Urban Wax, Star Cycle and Barre3 Fitness.

September 23, 2015

Multifamily Oregon Washington Western

TruAmerica Buys Two Multifamily Assets in the Pacific Northwest

by Nellie Day September 18, 2015

SEATTLE — TruAmerica Multifamily has purchased two apartment assets in the Pacific Northwest for a total of $48.7 million. The acquisitions include the 92-unit Township Apartment Homes in Canby, Ore., and the 202-unit Windsor Apartment Homes in Renton, Wash. The properties were built in 1999 and 1989, respectively. Both assets will undergo significant renovations. TruAmerica purchased the communities in partnership with a syndicate of domestic and international institutional investors, including Allstate and the Guardian Life Insurance Company of America. The seller was San Francisco-based FPA Multifamily.

September 18, 2015

Multifamily Oregon Western

Jackson Square Properties Buys Terrene at the Grove Near Portland for $59.5M

by Nellie Day September 9, 2015

PORTLAND, ORE. — Jackson Square Properties has purchased the 288-unit Terrene at the Grove apartment complex in the Portland submarket of Wilsonville for $59.5 million. The community is located at 8890 SW Ash Meadows Circle. Terrene at the Grove was built in 2013. Jackson Square also recently acquired the Addison, a 147-unit apartment community in Vancouver. HFF’s Ira Virden and Kerry Hughes represented the seller, Holland Partner Group and its finance partner.

September 9, 2015

Multifamily Oregon Seniors Housing Western

Cascade Manor CCRC in Oregon Undergoing $10M Expansion

by Nellie Day September 9, 2015

EUGENE, ORE. — Cascade Manor, a continuing care retirement community (CCRC) in Eugene, is currently in progress on a $10 million expansion that will create 30 new luxury independent living apartments and community amenities. The expansion, named 29th Place at Cascade Manor, will add 82,200 square feet to the community. Each new independent living apartment ranges from 1,330 to 2,700 square feet. In addition to new, larger housing options, the community is adding a new dining venue and a courtyard with exterior seating to give residents more choices for dining. Cascade Manor is also renovating existing common spaces including the dining room, main lobby, library and exterior finishes on the entire campus. Cascade Manor expects residents to begin moving into the expansion by the end of the year. Moisan Architects designed the expansion.

September 9, 2015

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