Portland developer nabs $37M to develop senior living in Beaverton

Portland real estate developer Rembold Properties has landed the financing it needs for a 147-unit senior living community in Beaverton.

NGKF Capital Markets has arranged and structured $37.2 million in construction financing and preferred equity for The Ackerly at Timberland, a project currently under development.

BBVA Compass provided a $27.5 million construction loan and an institutional investor provided $10 million of preferred equity, the proceeds of which Rembold will use to develop The Ackerly. NGKF Capital Markets senior managing director Jordan Roeschlaub and managing director Daniel Fromm arranged and structured the financing, serving as exclusive advisor to Rembold Companies. The project will total 162,000 square feet and include 147 units for independent living, assisted living and memory care. There will also be separate parking areas, a courtyard and a porte-cochere entry area.

“Rembold’s expertise and proven track record developing senior living facilities allowed us to structure a favorable deal for our client,” Fromm said in a release. “The Ackerly at Timberland will be the perfect complement to the borrower’s other senior housing properties in Portland, a city in which more than 10 percent of the population is over the age of 65.”

Among Rembold’s local properties are the 154-unit Russellville Park East independent living apartments and the 140-unit Russellville Park West independent living, assisted living and memory care apartments. Both properties are located in Portland. The company is also in the entitlement and planning phases for a 550,000-square-foot Class A office building near the Oregon Convention Center. When the latter project is complete, it will offer 320,000 square feet of office space, ground floor retail space and at least 450 parking spaces.

Jon Bell, Staff Reporter Portland Business Journal

http://www.bizjournals.com/portland/blog/real-estate-daily/2015/06/portland-developer-nabs-37m-to-develop-senior.html