Hillsboro, OR – September 1, 2021 – MedCore Partners and The National Realty Group (“TNRG”), together with Congressional Bank and Trinity Private Equity Group (“TPEG”) have completed the acquisition of a 72-unit senior living community called HOLI Senior Living in Hillsboro, Oregon. The senior living community offers 36 assisted living and 36 memory care residences and marks MedCore’s first community in the State of Oregon.
“This acquisition represents a significant opportunity to provide top-notch care and programs to seniors in the Hillsboro and surrounding areas,” said Michael Graham, Partner. “HOLI Senior Living offers quality assisted living and memory support to private pay and Medicaid-eligible residents who require enhanced services and companionship. That combination is difficult to find in the current marketplace.”
The community will be managed by Senior Services of America (“SSA”) of Tacoma, WA. SSA also manages six MedCore assets in Washington State and California. Of the new addition to the SSA-managed portfolio, CEO and President Lee Field said, “HOLI is a perfect fit for our operating expertise. We excel in the management of complex resident acuity and supportive programming structures.”
The acquisition team hopes to leverage the project’s strong market demographics as well as its high reimbursement rates and barriers to entry. The Portland metropolitan statistical area (MSA) maintains some of the highest occupancies and net need for seniors housing in the country.
The Congressional Bank Healthcare Lending team, based out of Chevy Chase, MD, provided the senior loan for this acquisition. TNRG and TPEG each contributed to the equity portion of the capital stack in order to close this transaction.
MedCore currently operates 15 senior living communities in Texas, Arizona, Utah, California, Washington and Oregon. In addition, MedCore has two senior living projects under construction, both of which will open in 2022. This will bring their seniors housing portfolio to 17 assets with approximately 3,700 beds.
To learn more about this project, please contact Michael Graham at (214) 443-8302.