Granite Investment Group Acquires Two-Property Memory Care Portfolio in Portland
PORTLAND, ORE. — Granite Investment Group has acquired Tabor Crest, a two-property memory care company in East Portland, for an undisclosed price.
One of the facilities was completed in 2016 and was leased up in six months. The second was acquired by the sellers in 2004 and underwent improvements to the facility and operations.
Avalon Health Care Group will operate the 60-unit portfolio.
Congressional Bank provided a bridge loan as part of the transaction. Housing and Healthcare Finance will process the permanent HUD loan.
Based in Irvine, Calif., Granite is a privately held investment management firm.