KeyBank Secures $63.2M Acquisition Loan for Seniors Housing Property in Portland
PORTLAND, ORE. — KeyBank Real Estate Capital has arranged a $63.2 million Freddie Mac first mortgage loan for the acquisition of Courtyard at Mt. Tabor, a seniors housing community in Portland. The borrower and buyer is Strategic Student & Senior Housing Trust, a non-traded REIT sponsored by SmartStop Asset Management.
Built between 1992 and 2009, the community is comprised of two three-story buildings on 7 acres of land. The property features 201 independent living units, 73 assisted living units and 12 memory care units. The borrower plans to expand the community to include an additional 23 memory care units.
Charlie Shoop of KeyBank’s Commercial Mortgage Group secured the non-recourse, fixed-rate financing with a 10-year term, four-year interest-only period and 30-year amortization schedule.