Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Assisted Living Development in Oregon Secures $12M Financing
Gantry has secured a $12 million construction-to-permanent loan for the development of a new assisted living facility in Woodburn, Oregon.
The 46-unit, 51-bed facility is currently under construction at 1000 Country Club Road NE, adjacent to Heartwood Place Memory Care. Both properties will be owned and managed by Benecia Senior Living.
Gantry’s Charlie Kokernak, Director, and Tim Brown, Senior Associate, with the firm’s Portland production office, represented the borrower, a Benecia Senior Living affiliate. The 10-year, fixed-rate, construction-to-permanent loan was provided by an Oregon-based credit union and includes interest-only terms for the first three years, then 25-year amortization.
“Assisted living is a specialized asset class, and construction-to-permanent execution requires a lender that is comfortable with both the real estate and the operating dynamics,” said Charlie Kokernak, Director at Gantry. “For this assignment, we identified an Oregon-based credit union with an appetite for the local market and the property type.”
