Key Takeaways
- • IRA Capital and Artemis Real Estate Partners closed a $235 million senior housing loan on June 25, 2026, secured by two Class-A luxury communities totaling 534 units in Bellevue, Washington, and Portland, Oregon.
- • The portfolio comprises newly constructed, purpose-built senior housing communities in premier downtown locations across two supply-constrained West Coast markets, featuring independent living, assisted living, and memory care continuum of care.
- • IRA Capital has originated approximately $550 million in debt investments across multiple industries over the past two years, while Artemis has accumulated roughly $1 billion in healthcare debt investments, leveraging operational expertise across the capital stack.
- • Watermark at Bellevue represents the institutional-quality flagship asset, comprising 291 units across a 20-story independent living high-rise tower and a seven-story assisted living and memory care mid-rise building.
- • The transaction underscores both firms' strategic conviction in senior housing sector fundamentals and their expanded focus on private credit market opportunities within healthcare real estate.
Summary
IRA Capital, a Irvine-based real estate private equity firm, and Artemis Real Estate Partners announced the closing of a $235 million loan facility on June 25, 2026, secured by a portfolio of two Class-A newly constructed senior housing communities. The properties are located in Bellevue, Washington, and Portland, Oregon—two of the West Coast's most affluent and supply-constrained markets. Together, the communities comprise 534 units and represent institutional-quality assets featuring purpose-built, high-rise architecture in premier downtown locations.
The portfolio offers a complete continuum of care, including independent living, assisted living, and memory care services. Both properties feature high-end amenities such as multiple dining venues, state-of-the-art wellness and fitness facilities, private balconies, and full in-unit kitchens. Watermark at Bellevue, the flagship asset, encompasses 291 units distributed across two interconnected buildings: a 20-story high-rise tower housing independent living residences and an adjacent seven-story mid-rise containing assisted living and memory care units.
The financing milestone reflects an expanding strategic partnership between the two firms and their deepening focus on private credit markets. Over the past two years, IRA Capital has identified unique opportunities within private credit, originating approximately $550 million in debt investments across multiple industries. Artemis, with deep expertise in healthcare real estate, has utilized its operational capabilities to invest across the capital stack, accumulating roughly $1 billion in healthcare debt investments. The transaction demonstrates both firms' conviction in long-term senior housing sector fundamentals and their capacity to execute large-scale financings in institutional-quality assets.
The portfolio offers a complete continuum of care, including independent living, assisted living, and memory care services. Both properties feature high-end amenities such as multiple dining venues, state-of-the-art wellness and fitness facilities, private balconies, and full in-unit kitchens. Watermark at Bellevue, the flagship asset, encompasses 291 units distributed across two interconnected buildings: a 20-story high-rise tower housing independent living residences and an adjacent seven-story mid-rise containing assisted living and memory care units.
The financing milestone reflects an expanding strategic partnership between the two firms and their deepening focus on private credit markets. Over the past two years, IRA Capital has identified unique opportunities within private credit, originating approximately $550 million in debt investments across multiple industries. Artemis, with deep expertise in healthcare real estate, has utilized its operational capabilities to invest across the capital stack, accumulating roughly $1 billion in healthcare debt investments. The transaction demonstrates both firms' conviction in long-term senior housing sector fundamentals and their capacity to execute large-scale financings in institutional-quality assets.
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