After a remarkable response to Phase I of its expansion, Mary’s Woods has secured $41.4 million in bond financing that will make possible a Phase II at the organization’s continuing care campus in Lake Oswego, OR, just south of Portland.
Mary’s Woods started construction on the first phase of expansion in March 2017. The first phase includes an additional 144 independent living units and 48 assisted living units, as well as underground parking and common areas.
The market response to this first phase was overwhelming. Greystone, serving as marketing consultant, helped Mary’s Woods convert an existing waitlist into a large priority program. Just 60 days into conversions, the project team had secured 75 percent presales for the Phase I expansion.
Due to the resounding success of Phase I, Mary’s Woods moved to build on its momentum and quickly begin work on Phase II — which will include 54 independent living units and underground parking, as well as office space and amenities that may be operated by the community or third parties.
This $41.4 million bond financing, underwritten by Ziegler, will allow Mary’s Woods to make its Phase II vision a reality. Greystone will continue in its role as development consultant on this project.
See renderings of the Mary’s Woods expansion in the gallery below. If you’re interested in getting senior living development updates from around the country sent to your inbox each morning, sign up for our Industry Update.