Scribner Capital and its institutional capital partner announced its involvement in the purchase of The Village at Keizer Ridge in Keizer, Oregon. The acquiring joint venture also included Foundry Commercial and its affiliated operating partner, Cascadia Senior Living. The transaction marks Scribner’s fourth transaction with Foundry and second with Cascadia. This also marks the 15th seniors housing equity investment by Scribner to go along with three debt investments.
Built in 2016, Keizer Ridge is a 126-unit assisted living/memory care community that faced challenges through COVID. Operations were stabilizing, and the community was nearly 90% occupied at the time of closing, which was prior to year-end. Cascadia took over operations upon acquisition. The joint venture buyers intend to make about $800,000 in capital investments.
To fund the acquisition, a five-year loan at modest leverage with market institutional terms was provided by Popular Bank. Suny Golovinsky was the lead banker on the transaction.
