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Mosaic Management has sealed $35.7 million of U.S. Department of Housing and Urban Development (HUD)-backed debt to refinance an Oregon assisted living facility, Commercial Observer can first report.
Dwight Capital provided the HUD 232/223(f) loan for Mosaic’s Boone Ridge Senior Living property in Salem, Ore. Oak Grove Financial arranged the financing in a deal led by Robert Tryon, managing principal.
The loan marks the first “firm commitment” issued under the Federal Housing Administration’s (FHA) new Section 232 Residential Care Facility Green Mortgage Insurance Premium (Green MIP) Reduction Program, according to Dwight. Eligible properties for the FHA initiative are required to meet industry-recognized green building certifications while also achieving “significant” energy and water efficiency improvements.
Located at 2950 Boone Road SE, the 151-bed assisting living facility and memory care complex is in the process of achieving a National Green Building Standard bronze certification and will use the Green MIP rate reduction to finance $600,000 in proposed energy conservation retrofits. The 2019-built property includes 103 assisted living beds and 48 memory care beds across 5.7 acres. It also features a beauty salon, a library, a computer lounge area, a fitness/wellness center, a bistro, a wine bar, billiards, theater rooms and walking paths.
Andrew Coen can be reached at acoen@commercialobserver.com
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