Expands Partnership with Foundry Commercial and Cascadia Senior Living
February 7, 2024 – Scribner Capital, LLC (“Scribner”), a firm dedicated to providing capital solutions to the seniors housing and healthcare industry, along with its institutional capital partner, is pleased to announce the acquisition of The Village at Keizer Ridge, in Keizer, Oregon in partnership with Foundry Commercial (“Foundry”) and its affiliated operating partner, Cascadia Senior Living (“Cascadia”). The transaction marks Scribner’s fourth transaction with Foundry and the second with Cascadia.
On December 29th, the partnership acquired The Village at Keizer Ridge, a 126-unit assisted living and memory care community in Keizer, Oregon an affluent suburb of Salem. While the community faced challenges though COVID, operations were stabilizing, and the community was nearly 90% occupied. Cascadia took over operations of the community upon acquisition.
The community was built in 2016. The business plan includes about $800,000 in capital investments to enhance the community and maintain its competitive positioning.
“It was a pleasure to work with Scribner on another successful closing,” said Kevin Maddron, Foundry’s President of Healthcare Services. “This particular deal presented numerous unique challenges and the teams worked seamlessly to close on a tight timeline by year-end. We look forward to growing our presence together in the Pacific Northwest.”
“It is always great to have an opportunity to do repeat business with a trusted partner,” said Mr. Scribner. “We truly value the partnership with Foundry and the have high growth expectations in 2024.”
This marks the 15th senior housing equity investment by Scribner to go along with three debt investments. With the ability to move quickly and invest throughout the capital stack, Scribner and its institutional capital partner focus on joint venture equity deals such as these, as well as preferred equity and mezzanine debt.
About Scribner Capital
Scribner Capital was formed during one of the most volatile periods in history to provide stable capital to owners, operators and developers of seniors housing and healthcare assets. For over 15 years, Principal and Founder James Scribner has been exclusively focused on providing creative and highly-structured capital solutions to the seniors housing and healthcare industry, including joint venture equity and subordinate debt, as well as bridge financing, FHA/HUD and GSE first mortgage financings. He has also led complex restructurings and distressed note purchases. For more information, visit www.ScribnerCapital.com.