Dwight Capital recently closed a $35.7 million HUD 232/223(f) refinance for Boone Ridge Senior Living, a 151-bed assisted living facility and memory care complex in Salem, Oregon. Oak Grove Financial brokered the transaction which is the Federal Housing Administration’s first firm commitment issued under its Section 232 Residential Care Facility “Green Mortgage Insurance Premium” (MIP) Reduction Program.
In order to be eligible for this program, properties must meet industry-recognized green building certifications and achieve significant energy and water efficiency improvements. Boone Senior Living is currently pursuing National Green Building Standard Bronze certification with plans to use the Green MIP rate reduction to finance $600,000 in proposed energy conservation retrofits.
The 5.7 acre property features 103 assisted living beds and 48 memory care beds as well as amenities such as beauty salon, library computer lounge area and fitness & wellness center – all developed in 2019 .
Dwight Capital has successfully financed FHA’s first green senior living mortgage at Boone Ridge Senior Living located in Salem Oregon with an amount of $35 7 million through HUD 232/223(f). Brokered by Oak Grove Financial , this historic loan falls under FHA’s Section 232 Residential Care Facility “Green Mortgage Insurance Premium” (MIP) Reduction Program which requires properties meeting certain industry standards of green building certifications along with achieving significant energy & water efficiency improvements . The property will use their reduced MIP rate to finance approximately 600 000 USD towards proposed energy conservation retrofits while also providing 103 Assisted Living Beds & 48 Memory Care Beds across 5 7 acres featuring amenities like Beauty Salon Library Computer Lounge Area Fitness Center etc – all developed back 2019
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