Dealmaker: Oregon Senior Living Development Receives $26M in C-PACE Financing
(Illustration courtesy of STEELE Associates Architects, Bend, Ore.)
PACE Loan Group, Minneapolis, provided Mosaic Management with $25.6 million in Commercial Property Assessed Clean Energy (C-PACE) financing for Cedarbrook Senior Living, an assisted living and memory care facility in Tigard, Ore.
In addition to the C-PACE financing, the project’s $83.7 million capital stack included a $41.6 million construction loan and mini-perm mortgage from Columbia Credit Union, Vancouver, Wash. The transaction is the largest C-PACE transaction to date in Washington County, which recently approved the continuation of its C-PACE program.
The project, which started construction in 2025 and is expected to open in early 2028, consists of one four-story building that has 107 assisted living units and 64 memory care beds. Nearly 20% of the primary market area’s population is 65-plus years old, making this a good market for the property.
PACE Loan Group worked closely with Countryman Capital Partners, Vancouver, Wash., to help orchestrate Cedarbrook Senior Living’s creatively structured capital stack, which required multi-party approval as there are several debt partners involved. PACE helped push leverage on the deal by partnering with Columbia Credit Union and optimized the borrower’s cost of capital by serving as an alternative to expensive preferred equity.
“Debt can be difficult to secure for senior housing projects,” noted Loren Biller, senior vice president of originations with PACE Loan Group. “We were happy to help Mosaic fill out their capital stack by pairing C-PACE with their mortgage debt.”
At Cedarbrook, the C-PACE proceeds financed the building envelope, high-efficiency HVAC, domestic hot water, water fixtures, high-rise building mechanical systems and LED lighting. These measures are expected to save more than $335,000, eliminate more than 2.3 million pounds of emissions and save over one million gallons of water annually.
The C-PACE program is managed by the Washington County Economic Development Office, which has been administrating the program since it was founded in 2022. To date, the Washington County C-PACE program has helped finance over $44.1 million in improvements across three commercial building projects in Beaverton, Hillsboro and now Tigard, Ore. The program received permanent approval on Nov. 18 after operating as a pilot program for the last two years.
