Dwight Capital Finances $35.7MM HUD Loan for Boone Ridge Senior Living in Oregon – FHA’s First Mortgage for an Eligible Green Senior Living Facility

Dwight Capital closed a $35.7MM HUD 232/223(f) refinance for Boone Ridge Senior Living, a 151-bed assisted living facility (“ALF”) and memory care complex in Salem, OR. Boone Ridge offers 103 assisted living beds and 48 memory care beds across 5.7 acres. Developed in 2019, the ALF features a beauty salon, library, computer lounge area, fitness/wellness center, a bistro and wine bar, billiards and theater rooms, and walking paths.

This historic loan is the Federal Housing Administration’s (“FHA”) first firm commitment issued under their Section 232 Residential Care Facility “Green Mortgage Insurance Premium” (“MIP”) Reduction Program. Eligible properties for this program must meet industry-recognized green building certifications and achieve significant and measurable energy and water efficiency improvements. Boone Senior Living is in the process of achieving a National Green Building Standard (“NGBS”) Bronze certification and will use the Green MIP rate reduction to finance $600,000 in proposed energy conservation retrofits. This transaction was brokered by Oak Grove Financial.