Portland company makes $100M bet in Eugene
Portland Business Journal
August 6th 2013
A Portland developer breaks ground today on a senior housing project on the banks of the Willamette River in Eugene.
BPM Real Estate Group is constructing Waterford Grand, a $32.5 million, 136-unit senior housing complex that will offer a mix of independent and assisted-living apartments.
BPM, led by Walt Bowen, held ground breaking ceremonies Tuesday morning at the six-acre construction site at Alexander Loop and Goodpasture Island Road.
The project is adjacent another BPM project. Its $70 million Riverwalk Apartments will eventually bring 466 new units to the Goodpasture Island neighborhood.
Together, the two projects represent a $100-plus million investment in Eugene.
Waterford Grand was designed by Myhre Group Architects. Vancouver-based Hoviss Development Group LLC is the contractor for the site work and Chambers Construction of Eugene is constructing the buildings.
First Republic Bank issued a $24 million construction loan for Waterford Grand;
Wells Fargo Bank issued a $47.5 million construction loan for Riverwalk.
BPM Senior Living Co. will manage the project.