**BWE and Blueprint Healthcare Secure $17.82M to Acquire Memory Care Communities in Pacific Northwest**
BWE, in partnership with Blueprint Healthcare Real Estate Advisors, has successfully closed two loans totaling $17.82 million to finance the acquisition of two Class-A memory care communities. The properties include Windsong at Southridge in Kennewick, Washington, and Windsong at Eola Hills in Salem, Oregon—each comprising 56 units.
The transaction involved a $10.42 million loan for Windsong at Southridge and a $7.4 million loan for Windsong at Eola Hills. These acquisition bridge loans feature five-year terms, a 72% loan-to-cost ratio, no pre-payment penalties, and are non-recourse with fixed and competitive interest rates.
Lundat Kassa, Vice President in BWE’s Washington, D.C., office, was introduced to the project by Blueprint’s team, led by Senior Managing Director Kristen Ahrens. The collaboration enabled the successful structuring of both the acquisition bridge and the planned permanent financing.
Following the completion of the acquisitions, BWE will transition the properties to permanent financing through HUD’s 232/223(f) loan program, tailored specifically for senior living and healthcare facilities. The process for Windsong at Southridge’s HUD conversion is already underway. The loans have been structured to optimize exit proceeds, allowing borrowers to secure up to 100% loan-to-cost financing.
