[Houston, Texas, July 6, 2022] CBRE National Senior Housing arranged construction financing for The Springs at The Waterfront (the “Community”) on behalf of a joint venture between Harrison Street (“HS”), The Springs Living (“TSL”) and PMB LLC (“PMB”). Aron Will, Vice Chairman of CBRE National Senior Housing, Austin Sacco, Senior Vice President of CBRE National Senior Housing, and Tim Root, Vice President of CBRE National Senior Housing, arranged the financing. Upon completion, the Community will be managed by TSL.
The Community will be situated on a 1.3-acre parcel within the master-planned Vancouver Waterfront, which spans 32 acres and is home to 75,000 SF of office space, 45,000 SF of retail, and over 900 residential units. The Vancouver Waterfront is located on the north side of the Columbia River, just across from downtown Portland, OR, offering unparalleled waterfront views. The Community itself will be comprised of 250 Independent Living, Assisted Living, and Memory Care units and is designed to meet both LEED and Fitwell Certification standards. These designations represent more than improving building efficiencies, they represent TSL’s commitment to creating environmentally responsible spaces that support the holistic wellness of staff and residents. The community will feature organic rooftop gardens, integrated health and treatment programming, multiple dinning venues, and a seamless connection to the waterfront and community amenities. Additionally, less than a mile east of the Community the Vancouver VA Medical Center provides a full continuum of inpatient, outpatient, long-term, and emergent care, ensuring residents have convenient access to additional healthcare services.
To facilitate the construction financing, CBRE secured a $145.1MM, floating rate loan with four years interest only through a consortium of national banks.
HS is one of the leading investment management firms exclusively focused on alternative real assets. Since its inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in London, Toronto, San Francisco and Washington D.C., the firm has more than 200 employees and approximately $46 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. HS awarded Best Places to Work by Pensions & Investments for seven consecutive years (2014-2020) and was recognized by PERE as the 2021 Alternatives Investor of the Year, North America and 2020 Global Alternatives Investor of the Year.
McMinnville, Oregon-based TSL is a 25-year-old privately held regional developer/owner/operator committed to changing the way people think, feel and experience senior housing. The company provides a continuum of service levels comprising Independent Living, Assisted Living, and specialized Memory Care, in which residents can “Live Life to its Fullest.” With a current portfolio of 18 communities totaling over 2,500 units, 13 are located in the state of Oregon and five are located in the state of Montana, with one additional community under development in Oregon and set to open later this year.
PMB is a purpose-driven healthcare real estate developer with a mission to improve healthcare delivery, effect change, and positively impact communities. The company is 100 percent focused on healthcare real estate across the continuum of care including behavioral health, life sciences, ambulatory care centers, medical office buildings, inpatient hospitals, post-acute hospitals, senior living facilities, and parking structures. PMB has developed over 115 facilities to date representing approximately 6 million square feet. The firm owns and manages 66 medical facilities comprising over 4.8 million square feet. |
