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1/07/26
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Ciel of Cedar Mill, a 110-unit senior housing community located just 15 minutes from Downtown Portland, has traded hands and will be repositioned by the new owner. The buyer, a principal of Sherman Capital Partners and Sherman Real Estate, has obtained $14.125 mil in financing for the purchase and the planned changes.
Originally built in 2019, the 143.3k sf community sits on 1.14 acres at 9860 NW Cornell Rd in the desirable Cedar Mill neighborhood. Amenities include a full-service public and café, private dining room, salon and barber shop, retail space, media center, library, fitness center, theater room, spa, and expansive gardens and walking paths, all designed to appeal to high-income seniors seeking premium lifestyle options.
The property, which includes both Assisted Living and Memory Care components, is being renamed The Canopy as part of a broader repositioning strategy. The sponsor is also installing Compass Senior Living, an established operator with a successful track record throughout the Pacific Northwest, to oversee day-to-day operations. The business plan targets a significant improvement in operating margins and occupancy, which currently trails market norms, with the goal of reaching ~90% stabilized occupancy before pursuing permanent FHA financing.
Located near key lifestyle attractions such as Portland’s Japanese Garden and Washington Park, The Canopy is positioned to meet growing demand for luxury senior living in a constrained, high-income market. The property’s 2019 construction ensures minimal deferred maintenance or capital expenditures, allowing the sponsor to focus resources on operations, marketing, and lease-up as they work toward stabilization.
The interest-only bridge loan was originated by Red Oak Capital Holdings’ David Christensen, underwritten by Thomas Gorski, and administered by James Myatt. Structured under the firm’s Participating Bridge Loan Program, the loan carries a two-year initial term and a loan-to-stabilized-value (LTSV) of 54.27%.
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