Onelife Senior Living has landed a $24 million construction loan for its upcoming 103-unit Esther Assisted Living Community outside of Eugene, Ore. Locust Point Capital provided the financing package, which includes both a construction and bridge term. Once stabilized, the borrower plans to secure long-term agency debt.
A Ziegler team led by Eric Johnson secured the debt for Onelife.
Located on 3.3 acres at 3535 Game Farm Road in Springfield, 5 miles northeast of downtown Eugene, the development broke ground earlier this spring. According to a news brief from The Register-Guard, the facility was approved two years ago. ZF Construction, a firm with ties to Onelife's founder, will act as general contractor.
Oregon's Aging Population
The state's growing retirement-age cohort is likely to bring about a crisis, particularly for those without significant retirement savings, an Oregon Health Forum discussion posited last summer. While this may be similar to stresses that most states have acknowledged, larger challenges lie in Oregon's rural areas, where few developers are targeting.
Even with many more units available in cities, however, pricing is one of the main crisis points. While the Eugene area is certainly not being ignored by senior housing investors — The Springs Living paid nearly $200 million for a portfolio that included assets in the metro just last month — additional development initiatives are key for meeting the needs of the city's elderly population.