OR Healthcare/Senior Housing Scores $133M in Combined Financing
Two healthcare/senior housing financings in Portland, OR were recently secured for a total of $132.6 million. In the larger of the two transactions, $82.4 million was tapped for a Touchmark healthcare facility in the West Hills.
Senior directors Chris Cain and Rafael Nobo of Berkadia seniors housing and healthcare secured the financing through Freddie Mac on behalf of the buyer, Oregon-based Touchmark. The seven-year loan has a 53 percent loan-to-value ratio.
“This is our second agency loan with Touchmark this year,” said Cain. “We were able to successfully close the deal within 60 days from application to funding.”
Berkadia also financed a 253-unit class-A seniors housing facility led by managing director Ed Williams, who secured the financing on behalf of the borrower. The HUD 232/223(a)(7) loan will refinance existing HUD debt associated with the community.
“Historically, the property has maintained an occupancy percentage in the low 90s and ended 2020 with an occupancy of 88 percent, showing impressive resilience throughout the pandemic,” said Williams. “The HUD refinance will allow the borrower to save on debt service and MIP payments through the combination of a lower rate and an extension of the loan term to 40 years, which was the term of the original loan.”
The facility features a combination of assisted living, independent living and memory care.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.