Two Portland, Oregon-area seniors housing communities received financing from Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group, headed by Richard Thomas and Meredith Davis. Starting in Portland proper, the team closed a $12 million non-recourse loan for a 58-unit assisted living/memory care community that at one point was the last acquisition of Sunwest Management before the company filed for bankruptcy protection. The original TIC investors then sold the community in late 2015 to Chicago-based Focus Healthcare Partners. Artegan began managing the 10-year old community, which was 85% occupied and earning over $630,000 in EBITDA at the time of the sale. Focus had planned to expand the memory care portion, convert some private AL units to semi-private MC units, and implement a cosmetic renovation at the community, which it purchased for $10.8 million, or $186,240 per unit. We imagine Focus has been able to increase its value since then.
Grandbridge also arranged a $12.25 million non-recourse loan for Focus’ newest community. Located in King City, Oregon (Portland MSA), the community was built in 1990 and renovated in 2006. It has 114 total units, comprised of 13 studios, 67 one-bedroom units, 24 two-bedroom units and 10 two-bedroom cottages. The partnership seller was represented by Tony Cassie and Dan Mahoney of Marcus & Millichap, who facilitated a final purchase price of $14.8 million, or $129,825 per unit. These two financings represent the ninth and tenth transactions Grandbridge has closed on behalf of Focus. They were funded through Grandbridge’s exclusive proprietary lending platform, BB&T Real Estate Funding’s structured loan product.
