Oak Grove Capital provided $25 million of financing through Freddie Mac’s Senior Housing ARM program for three communities operated by Emeritus Corporation.
The loans were used to refinance existing mortgages on Cambridge Place, a 61-unit independent living facility in Great Falls, Mont., and Spring Village, an 82-unit assisted/independent living facility in Grants Pass, Ore., and Cougar Springs, an 88-unit assisted/independent/memory care facility in Redmond, Ore.
The facilities are owned by a joint venture between Emeritus, Blackstone Real Estate Advisors and Columbia Pacific Advisors. The assets were acquired as part of the Sunwest transaction that closed on August 5, 2010.
Emeritus has managed the Sunwest portfolio, including the subject assets, since their acquisition by the JV last August. Emeritus also holds a 5.9% ownership interest in the JV.
Lisa Lautner and Heidi Brunet, in Oak Grove Capital’s Senior Housing and Healthcare Group, originated the loans.