Construction lending may be slow at the moment, but Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged financing for a to-be-built seniors housing community in Happy Valley, Oregon. A joint venture between The Springs Living and Harrison Street Real Estate Capital is building the community, which is set on a 6.95-acre site about 10 miles southeast of downtown Portland. Across the 210 units, half will be reserved for independent living, with the other half split between assisted living and memory care. There will also be numerous amenities, including an indoor pool, a movie theater, and a private dining room.
CBRE secured a $60.4 million loan from a consortium of banks, including a regional bank and a national bank, in a participated loan format. The loan comes with a floating interest rate, five-year term and four years of interest only.