Dealmaker: BWE, Blueprint Healthcare Secure $18M for Pacific Northwest Memory Care Properties

(Photos of Windsong at Eola Hills courtesy of BWE)

BWE and Blueprint Healthcare Real Estate Advisors closed two loans totaling $17.8 million to provide financing for the acquisition of two memory care communities: a $10.4 million loan for Windsong at Southridge, a Class A, 56-unit community in Kennewick, Wash. and a $7.4 million loan for Windsong at Eola Hills, also a Class A, 56-unit community in Salem, Ore.

Lundat Kassa, vice president in BWE’s Washington, D.C., office, was brought onto the deal by the team at Blueprint, led by Senior Managing Director Kristen Ahrens. Both acquisition bridge loans, which have five-year terms, 72% loan-to-cost ratios and no pre-payment penalties, are non-recourse with fixed rates.

After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100% loan-to-cost for the borrowers.

“As our country continues to age, investing in top-of-the-line senior care communities like Southridge and Eola Hills is more important than ever,” Kassa said.

Windsong at Southridge was constructed in 2018 at 4000 West 24th Avenue in Kennewick; Windsong at Eola Hills dates to 2015 and is located at 2030 Wallace Road NW in Salem.