Saturday, November 10, 2012

HFF arranges $56 million financing for four-property seniors housing portfolio in Oregon

 CHICAGO, IL – HFF announced it has arranged $56 million in financing for a four-property seniors housing portfolio with 419 units located in the Portland, Oregon marketplace.

                HFF worked on behalf of Harrison Street Real Estate Capital, LLC and The Springs Living to secure the five-year floating-rate loan.  Loan proceeds were used to acquire, reposition and renovate the portfolio.

Stephen Skok
The portfolio consists of three properties south of Portland: Carman Oaks, a 174-unit property in Lake Oswego; Cedar Creek, a 58-unit property in Sherwood; and The Wilsonville, a 95-unit property in Wilsonville. 

The fourth property, Mill Creek Point, which has 92 units, is located 82 miles east of Portland in The Dalles.  The portfolio is 86 percent occupied overall and contains a diverse mix of independent living, assisted living and memory care.

                The HFF team representing the borrower was led by managing directors Stephen Skok and Timothy Joyce.

Timothy Joyce
Harrison Street Real Estate Capital was founded in 2005 and has approximately $4.0 billion in assets under management. The firm currently owns approximately $3.5 billion in real estate assets including more than 25,000 student housing beds, more than 6,000 senior housing/assisted living units, more than 1.4 million square feet of medical office space, more than 72,000 self-storage units, and more than 4,600 dry and wet boat storage slips.

The Springs Living, based in McMinnville, OR, began in 1996 with the mission of creating warm and comfortable senior communities that enhance the lives of their residents. The Springs Living currently owns and operates 10 retirement communities located in Oregon and Montana.  The Springs portfolio contains more than 1,200 units, which offers a diverse mix of independent, assisted living and memory care to its residences.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |