JLL Closes Sale, Financing of Portland Seniors Housing Property

JLL has completed the sale and financing for Morningstar at Happy Valley, an 87-unit assisted living and memory care community in Portland, Oregon.

JLL’s Seniors Housing Capital Markets team marketed the property on behalf of the seller, Confluent Development. Harrison Street, in partnership with The Springs Living, purchased the asset and will rebrand it as The Springs at Sunnyside.

JLL’s Seniors Housing Capital Markets team, representing the seller, was led by Senior Managing Directors Jay Wagner, Rick Swartz and Aaron Rosenzweig, Senior Directors Dan Baker and Jim Dooley and Director Dean Ferris. JLL Senior Director Alanna Ellis led the financing efforts on behalf of the buyer.

The Springs Living will operate the community. Additionally, JLL secured a five-year acquisition loan for the buyer with Huntington National Bank, a long-term relationship lender for Harrison Street. Completed in 2019, The Springs at Sunnyside offers 61 assisted living units across a mix of studios, one- and two-bedroom units, in addition to 26 private memory care units.

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