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Holiday Retirement Corp. Refinances Corvallis Facility

CORVALLIS, OR-The Salem-based owner of 260 retirement facilities in the US and Canada closes on $6 million in financing for an 85-unit assisted-living facility here called Stoneybrook Lodge.

By Brian K. Miller | Updated on February 22, 2005

CORVALLIS, OR-Holiday Retirement Corp. secured $6 million in financing for an 85-unit assisted-living facility here called Stoneybrook Lodge. The Salem-based company owns 260 retirement facilities in the US and Canada.Stoneybrook was constructed in 2002 on 3.5 acres. It consists of 85 units: 37 studios and 48 one-bedrooms. Common amenities include a main dining room with a fireplace and sitting area, private dining room, wellness center, television room, library, piano room, billiards room, whirlpool room and beauty shop The property address is 4700 Hollyhock Circle.The 20-year loan has a 20-year amortization at a rate of 6.15%. The loan was originated by the Bend office of Calabasas, CA-based ARCS Commercial Mortgage through Fannie Mae’s Senior Housing Product.Holiday Retirement Corp. owns Stoneybrook through an entity called Corvallis Assisted Living LLC. The registered agent, Bruce Thorn, a Salem-based employee of Holiday Retirement, did not return a Tuesday phone call seeking additional information, such as how leased the facility is and whether the new financing took out the construction loan. The loan officer for the new financing also was unavailable for comment.

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