VANCOUVER, Wash. — CBRE has arranged $145.1 million in construction financing for The Springs at The Waterfront, a seniors housing development in Vancouver, just across the Columbia River from Portland, Ore.
The borrower is a joint venture between private equity firm Harrison Street, seniors housing operator The Springs Living and healthcare real estate developer PMB. The project is located within Vancouver Waterfront, a 32-acre master-planned development that is slated to eventually include 75,000 square feet of office space, 45,000 square feet of retail space and over 900 residential units.
The Springs at The Waterfront will feature 250 independent living, assisted living and memory care units on a 1.3-acre site. The developers will seek both LEED and Fitwell certifications for sustainability and wellness. The Springs Living will operate the property upon completion, a timeline of which was not disclosed.
The community will feature organic rooftop gardens, integrated health and treatment programming, multiple dining venues and connection to the waterfront and community amenities. Additionally, less than one mile east of the community, the Vancouver VA Medical Center provides a full continuum of inpatient, outpatient, long-term and emergent care.
Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the financing. The loan features a floating interest rate and four years of interest-only payments. A consortium of national banks provided the funds.
Chicago-based Harrison Street is an investment management firm focused on alternative assets. Since its inception in 2005, the firm has created a series of investment solutions focused on demographic-driven, needs-based properties in seniors housing, student housing, healthcare, life sciences and self-storage real estate, as well as social and utility infrastructure.
McMinnville, Ore.-based The Springs is a privately held regional developer, owner and operator of seniors housing. The company’s portfolio features 18 communities totaling over 2,500 units.
PMB is a developer focused on the continuum of healthcare, 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.
— Jeff Shaw