DALLAS (June 22, 2021) – Greystone is pleased to share that Friendsview will break ground on its expansion project on July 8, 2021, thanks to the successful pricing of its $124,220,000 Series 2021 Series Bonds issued through the Yamhill County Hospital Authority and underwritten by Ziegler.
Friendsview, a Type A, entrance-fee-based continuing care retirement community located in Newberg, OR, has brought purposeful living to over three generations of seniors. Since its inception in 1961, the organization’s work is deeply rooted in Quaker values, with a focus on enriching the lives of its residents and their families, team members, and the larger community.
The faith-based organization has a long history of serving seniors with one of the most affordable pricing models in the industry, with an average monthly fee of approximately $2,500. Working with Greystone, they were able to create a plan that brought new amenities to current residents, supported its own debt, and generated incremental resources for the organization without increasing fees for current residents beyond normal annual increases.
“Replacing the health center with new residential care units, while keeping the per diem rates in a similar range, was a large part of this puzzle,” Stuart Jackson, Senior Vice President of Client Services at Greystone commented. “We are happy to have helped Friendsview and their stakeholders achieve alignment on pricing to expand their prospective customer base and build a stronger financial foundation for the organization.”
Bond proceeds are expected to be utilized toward the three components of Friendsview’s expansion project: Springbrook Meadows North, Sutton Terrace at University Village, and Charles Beals Plaza.
Springbrook Meadows North
The new Springbrook Meadows North neighborhood will include 14 duplex buildings housing 28 new entrance-fee independent living cottage duplexes and an expansion to the community center. The cottages will be an average of 1,535 square feet and will range between $2,670 and $3,330 in monthly fees and between $386,000 and $555,000 in entrance fees.
Sutton Terrace at University Village
Sutton Terrace at University Village will be constructed on the main campus and will feature a new five-story building housing 96 new entrance-fee independent living apartments and 96 under-building parking spaces. The units will be an average of 1,268 square feet and will range between $2,590 and $2890 in monthly fees and between $341,000 and $452,000 in entrance fees.
Charles Beals Plaza
Charles Beals Plaza will be constructed in two phases to reduce the disruption to current residents, who will not need to move until Phase I is completed. The new building – a four-story structure featuring 79 residential care units and new administrative areas – will replace the existing Charles Beals Health Center. These units will average 499 square feet and range between $3,300 and $3,830 in monthly fees.
Finding Success Through a Fully Virtual Pre-Sale Strategy
Marketing efforts for the new independent living units began in June 2020 with a “Priority Program”, where prospective residents who paid a $100 deposit were placed on a priority list to reserve an independent living unit in the order of which they were placed on the list. COVID-19 impacted sales and marketing efforts for Springbrook Meadows North and Sutton Terrace, which meant the entire Priority Program was conducted without any in-person events.
However, this disruption and pivot did not deter the marketing team, which secured 218 Priority Members prior to the start of unit reservations in December 2020, and then achieved 60% pre-sales in less than six months. On May 22, 2021, the state of Oregon lifted COVID-19-related stay-at-home orders, and the Friendsview marketing team hosted a successful in-person event for prospective residents on June 7, 2021.
“Our team and board of directors looks forward to seeing this expansion project finally come to life,” said Todd Engle, Executive Director at Friendsview.
Other development team members include LRS Architects, Pence Construction, Inc., Anstey Hodge, and Mennonite Health Services Consulting.
Construction will break ground on July 8, 2021, and is expected to be complete in May 2023. The bond financing will close on June 30, 2021.
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For nearly four decades, Greystone has been a trusted adviser in senior living, serving 500+ organizations in strategic and project planning, business enhancement and repositioning, financial advisory, development, marketing, and management. Our mission is to enhance the lives of seniors through a “continuum of living” and create clear paths for our clients to excel.
Since 1961, Friendsview has brought purposeful living to over three generations of seniors. Our mission is to provide active residential living and quality continuing care to seniors in a Christ-centered community. As a not-for-profit organization, everything we do — and every decision we make — is guided by our values to better the lives of our residents, their families, team members and the community we serve.
For community-minded seniors and lifelong learners, we offer the freedom of active independent living just southwest of Portland, Oregon, and an array of learning, volunteer, and mentorship opportunities, including our extensive partnership with nearby George Fox University. What’s more, we’re a registered Type-A Life Plan Community (also known as a Continuing Care Retirement Community or CCRC). This means you’ll have peace of mind knowing you’ll always have access to a full continuum of high-quality senior health care services if you ever need it — right here on our beautiful campus.
 For new-resident life care monthly fees. Current resident and direct admit monthly fees may differ.