Foundry Commercial’s Seniors Housing Venture Acquires 121-Unit Community in Central Washington
Posted on September 19, 2022
Yakima, Wash. (September 19, 2022) – Foundry Commercial (“Foundry”), a full-service real estate services and investment firm, today announced the closing on the acquisition of Fieldstone OrchardWest, Fieldstone Memory Care, and Fieldstone Adult Family Home in Yakima, Washington. The acquisition marks the first seniors housing real estate purchase in Washington for Foundry, completed as part of the real estate joint venture with Cascadia Senior Living (“Cascadia”) and a leading institutional capital provider focused on municipal, public purpose, and community assets. Regions Bank served as the lender for the transaction.
Last summer, Foundry acquired an ownership interest in Cascadia, a leading seniors housing developer and operator in the Pacific Northwest, adding nearly 600 independent, assisted living, and memory care units across 10 communities to Foundry’s growing operating portfolio of assets. The partnership acquires, develops, and manages seniors housing assets primarily in Washington and the Pacific Northwest, such as the recently acquired independent living, assisted living, and memory care campus in Yakima, which adds 121 units to our real estate portfolio. Cascadia developed and operated the campus since opening in various stages over the last ten years. Under their JV Partnership, Cascadia – which operates under the Fieldstone brand – retains day-to-day operations of communities.
“Foundry is excited to be working alongside Cascadia, a proven operator and developer with a long history of providing senior living services throughout the Pacific Northwest,” said Kevin Maddron, Foundry’s President of Healthcare Services. “During my career, I’ve had the honor and privilege of watching Cascadia’s portfolio – which actually started with this campus in Yakima – achieve success. It is exciting to be part of the continued success of the community. We look forward to growing our relationship in the Greater Pacific Northwest area”.
With this transaction, Foundry’s seniors housing platform has now acquired 29 seniors housing communities in less than two years. In June, Foundry announced that it had purchased the Spring Arbor Senior Living collection of 24 assisted living and memory care communities throughout the mid-Atlantic. Prior to this, Foundry acquired two additional seniors housing properties: The Piper in Kansas City, Kansas and Beach House Assisted Living & Memory Care in Jacksonville Beach, Fla. This acquisition marks the latest development for Foundry’s fast-growing Healthcare and Senior Living platform. Following this acquisition, Foundry owns 29 seniors housing communities totaling 1,749 units and operates either directly or through affiliated operator relationships, 41 communities totaling 2,738 units across the U.S.
Foundry’s Healthcare and Senior Living platform offers a combination of in-depth sector knowledge, long-standing relationships with premier health system and senior living providers, as well as a 420+ employee organization representing some of the most well-known names in real estate ownership. With offices currently in 11 locations throughout the country – with transactional experience in nearly all 50 states – Foundry’s Healthcare and Senior Living platform currently offers brokerage, property management, facilities management, project management, asset identification, and development / investment services. More information about Foundry’s healthcare senior living portfolio can be viewed at foundrycommercial.com/healthcare. More information about Cascadia Senior Living can be found at www.cascadiaseniorliving.com.