New Senior Housing Community Underway in Portland
- Jun 15, 2015
By Ioana Neamt, Associate Editor
A brand new senior living community is about to make its way onto the Portland market. Portland native Rembold Properties has secured $37.2 million in financing for the development of The Ackerly at Timberland, according to the Portland Business Journal. The 147-unit community will be managed by Leisure Care and will feature independent living, assisted living and memory care apartments.
According to the Journal, NGKF Capital Markets managing directors Jordan Roeschlaub and Daniel Fromm arranged and structured the $37.2 million financing. BBVA Compass provided a $27.5 million construction loan, while an institutional investor provided $10 million of preferred equity for the development of the project.
The 162,000-square-foot Ackerly at Timberland will feature amenities such as covered parking, courtyard, theater, fitness center, library, Bocce ball courts, and various walking paths. The community is conveniently located right across from the new Timberland Town Center shopping center, and is within walking distance to the Providence St. Vincent Medical Center. The community is scheduled for opening in the summer of 2016.
Rembold is also developing a 550,000-square-foot Class A office building near the Oregon Convention Center, and manages two other senior living communities in Portland–Russellville Park West and Russellville Park East.
Rendering courtesy of the Rembold Companies