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.
Contact:
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 | www.hfflp.com