Friendsview, a Quaker-affiliated not-for-profit CCRC in Newburg, Oregon, is set to break ground on a new expansion and redevelopment project next month. To fund the project, the Type-A, entrance-fee-based community is set to receive $124.22 million in funding from bonds issued through the Yamhill County Hospital Authority and underwritten by Ziegler.
Greystone acted as the development consultant for the project, providing all necessary planning services to implement the project.
Bond financing is expected to be used toward three segments of Friendsview’s redevelopment project – Springbrook Meadows North, Sutton Terrace at University Village and Charles Beals Plaza.
The financing equates to about $612,000 per unit, meaning the construction cost is likely at that level, or even higher. It’s not too often we see numbers like that, even in a period of unusually high costs for labor, materials and transportation.
The new Springbrook Meadows North neighborhood will include 14 duplex buildings housing 28 new entrance-fee independent living cottage duplexes and an expansion to the community center. The cottages will be an average of 1,535 square feet and will range between $2,670 and $3,330 in monthly fees and between $386,000 and $555,000 in entrance fees.
Sutton Terrace at University Village will be constructed on the main campus and will feature a new five-story building housing 96 new entrance-fee IL apartments and 96 underground parking spaces. The units will be an average of 1,268 square feet and will range between $2,590 and $2,890 in monthly fees and between $341,000 and $452,000 in entrance fees.
Charles Beals Plaza will be constructed in two phases to reduce the disruption to current residents, who will not need to move until Phase I is completed. The new building, a four-story structure featuring 79 residential care units, new administrative areas and additional common spaces, will replace the existing Charles Beals Health Center. These units will average 499 square feet and range between $3,300 and $3,830 in monthly fees.
Friendsview conducted a “Priority Program” beginning in June 2020, where prospective residents could put down a $100 deposit to be placed on a priority list for independent living units. They ultimately secured 218 Priority Members prior to the start of unit reservations in December 2020 and then achieved 60% pre-sales in less than six months.
Other contributing members to this development project include LRS Architects, Pence Construction, Inc., Anstey Hodge, and Mennonite Health Services Consulting. The bond financing will close on June 30, 2021, and construction for the project is expected to be complete in May 2023.
