Dwight Capital closed a $35.7 million HUD 232/223(f) refinance for Boone Ridge Senior Living, a 151-bed assisted living facility and memory care complex in Salem, Oregon.

The transaction was brokered by Oak Grove Financial. The historic loan is the Federal Housing Administration’s first firm commitment issued under the Section 232 Residential Care Facility “Green Mortgage Insurance Premium” (“MIP”) Reduction Program. Eligible properties for this program must meet industry-recognized green building certifications and achieve significant and measurable energy and water efficiency improvements. Boone Senior Living is in the process of achieving a National Green Building Standard Bronze certification and will use the Green MIP rate reduction to finance $600,000 in proposed energy conservation retrofits.

Boone Ridge offers 103 assisted living beds and 48 memory care beds across 5.7 acres. Developed in 2019, the property features a beauty salon, library, computer lounge area, and a fitness and wellness center.