[Houston, Texas, June 23, 2022] CBRE National Senior Housing arranged the financing of MorningStar of Hillsboro (the “Community”) on behalf of a joint venture between Artemis Real Estate Partners (“Artemis”), MorningStar Senior Living (“MSL”) and American Capital Group (“ACG”). 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.
Situated on a 1.35-acre parcel, the Community is comprised of 142 Independent Living units. The Community recently opened this June and is the first brand new, high quality Independent Living asset built in the last 6 years in the high barrier, affluent Hillsboro sub‐market. Located less than a mile north of the Community is Kaiser Permanente Westside Medical Center, a 126-bed hospital that serves the greater Hillsboro & Beaverton suburbs. Additionally, half a mile north of the Community is The Streets of Tanasbourne, a 386K square foot outdoor shopping mall with over 55 retail and restaurant options including a Macy’s, REI, Gap, PF Chang’s, among others.
CBRE secured a $33.1MM, non-recourse, floating rate loan with full term interest only through a national bank. The Community is currently managed by MSL.
Artemis Real Estate Partners is a real estate investment manager based in metropolitan Washington, DC with offices in New York City, Los Angeles, and Atlanta. Artemis has raised approximately $7.8 billion of capital across core, core plus, value-add and opportunistic strategies, including a diversified, healthcare-only, fund series. The firm makes equity and debt investments across the United States, with a focus on multifamily, industrial, office, retail, hospitality, senior housing, medical office, and post-acute real estate. Artemis specializes in joint venture partnerships and direct investments. Over $1 billion of equity under management is dedicated to healthcare real estate specific vehicles, which target equity and debt investments in senior housing, medical office, and post-acute real estate.
MSL, together with its affiliate Ovation Senior Investments (“OSI”), is a fully integrated developer, owner and operator with 40+ communities and 4,500+ units in its portfolio across the Western U.S. Based in Denver, CO, MSL has over $1.5B in assets under management, including purpose-built developments, value-add acquisitions and core-stabilized assets. The MSL executive team has 100+ years of combined experience in senior housing operations, healthcare, sales and marketing, capital markets, and real estate development and investment.
ACG is a vertically integrated, full service real estate company that designs, develops, builds, acquires and manages multifamily real estate. By applying 34+ years of experience in the multifamily sector, ACG has created strong results for their project partners and investors. Since ACG was established in 1986, they have developed and built 81+ properties across 10 Western States. Over the past decades, their projects have a development value in excess of $2+ billion. With over 200 employees, ACG is headquartered in Bellevue, WA. ACG’s main geographic focus is in Washington, Oregon, California and Arizona. |
