Senior living development receives $25.6 million in C-PACE financing

Minneapolis, Minnesota (December 8, 2025) – PACE Loan Group (PLG) provided Mosaic with $25.6 million in Commercial Property Assessed Clean Energy (C-PACE) financing for Cedarbrook Senior Living, an assisted living and memory care facility located on Hall Blvd off of HWY 217 in Tigard. In addition to the C-PACE, the project’s $83.7 million capital stack includes a $41.6 million construction loan and mini-perm mortgage with Columbia Credit Union. This is the largest C-PACE transaction to date in Washington County, which has recently approved the continuation of their C-PACE program.

“We're thrilled to get construction rolling on Cedarbrook Senior Living,” Doug Sproul, president and chief executive offier - Mosaic said. “PLG provided an accretive solution that allowed us to move forward on this development, which will join 20 Mosaic communities in the Western U.S.”

The project, which started construction in 2025 and is expected to open in early 2028, consists of one four-story building that has a mix of 107 assisted living units and 64 memory care beds. Over 18% of the primary market area’s population is 65+ years old, making this an ideal market for the property.

PLG worked closely with Countryman Capital Partners to help orchestrate Cedarbrook Senior Living’s creatively structured capital stack, which required multi-party approval as there are several debt partners involved. PACE came in to help push leverage on the deal by partnering with Columbia Credit Union and optimize the borrower’s cost of capital by serving as an alternative to expensive preferred equity.

“Debt can be difficult to secure for senior housing projects,” said Loren Biller, senior vice president – originations, PACE Loan Group. “We were happy to help Mosaic fill out their capital stack by pairing C-PACE with their mortgage debt.”

At Cedarbrook, the C-PACE proceeds financed building envelope, high-efficiency HVAC, domestic hot water, water fixtures, high-rise building mechanical systems, and LED lighting, which are expected to save $335,407 annually. These measures will also eliminate over 2.3 million pounds of emissions and save over one million gallons of water annually.

“Cedarbrook Senior Living is a powerful example of how C-PACE can open the door for property improvements that will make a lasting difference,” said Adrienne Chaillé, economic development manager - Washington County. “This project both supports aging members of our community and promotes our sustainability and economic development goals.”

The C-PACE program is managed by the Washington County Economic Development Office, which has been administrating the program since it was founded in 2022. To date, the Washington County C-PACE program has helped finance over $44.1 million in improvements across three commercial building projects in Beaverton, Hillsboro and now Tigard. The program received permanent approval on Nov. 18 after operating as a pilot program for the last two years.

STEELE Associates Architects is the architectural firm for Cedarbrook Senior Living, Mosaic Construction operates as the general contractor and Mosaic Management will manage the property once construction is completed.

Media Contact:

Martha Nevanen

Martha@paceloangroup.com

651-492-5861

Brenda Schaffer

Brenda_Schaffer@washingtoncountyor.gov

503-846-3968