On the banks of the beautiful Willamette River, a 16-year-old non-profit senior living community is capitalizing on its strong market reputation to grow for the future. Mary’s Woods at Marylhurst financed its existing continuing care campus in 1999 and it first opened in 2001.
Located in the Portland suburb of Lake Oswego, Ore., the community currently includes 233 independent living units, 50 independent living villas, 55 assisted living units, 23 memory support suites, 26 residential care suites and five licensed skilled nursing beds.
In April, Mary’s Woods secured $114,815,000 in tax-exempt bond financing and $60,250,000 in tax-exempt mandatory paydown securities that will help it add more units and serve more seniors.
The expansion will be called The Village at Mary’s Woods, and it will include 144 independent living units, 48 assisted living units, two common area buildings, 152 underground parking spaces and 150 above-ground parking spaces. One of the unique aspects of the project is a residential Town Square that will offer convenient services and programs that the organization has learned its residents appreciate and need.
Construction of this expansion will take place on 12 unused acres on the community’s existing 75-acre campus. Substantial construction is scheduled to end in phases, with completion of the first buildings to begin in late 2018 and completion of the entire project in late spring or early summer of 2019.
Mary’s Woods is led by a 16-member board of directors that includes Board Chair David Galt and Chief Executive Officer Diane Hood. This expansion will help Mary’s Woods capitalize on a market opportunity and serve its waitlist that includes more than 300 prospective residents.
“At the start of this project, our management team recognized the need for outside experience and expertise, both to ensure ultimate success and to provide assurances to our board as we moved forward,” Hood said. “Greystone brough a third-party perspective and a first-party investment in the project. They also brought a strong industry reputation, which was immensely helpful in navigating the capital markets to secure financing.”
Senior Vice President Stuart Jackson led Greystone’s work on this project:
“Mary’s Woods enjoys an incredible reputation in its market, which helped this expansion sell out as quickly as any that Greystone has worked on since the Great Recession,” Jackson said. “It’s been a pleasure to support such a strong organization — Diane and her team were excelent to work with. They are making a different in the lives of their current residents, and this expansion will help them make a difference in many more lives in the future.”
See renderings of the project in the gallery below.