Key Takeaways
- • IRA Capital and Artemis Real Estate Partners closed a $235 million senior housing loan secured by two Class-A luxury communities totaling 534 units in Bellevue, Washington, and Portland, Oregon, both new vintage, purpose-built properties in premier downtown locations.
- • The portfolio comprises Watermark at Bellevue (291 units across a 20-story independent living tower and adjacent seven-story assisted living/memory care building) and a second Portland property, offering a full continuum of care including independent living, assisted living, and memory care with high-end amenities.
- • Over the past two years, IRA Capital has originated approximately $550 million in debt investments across multiple industries, while Artemis has generated approximately $1 billion in healthcare debt investments, demonstrating both firms' operational expertise in the private credit and healthcare real estate sectors.
- • The transaction reflects IRA and Artemis's strategic conviction in long-term senior housing fundamentals and represents a continued deepening of their partnership in accessing supply-constrained West Coast markets with affluent demographics.
- • Both properties feature institutional-quality design with best-in-class amenities including multiple dining venues, state-of-the-art wellness facilities, private balconies, and full in-unit kitchens, targeting high-net-worth seniors in constrained supply markets.
Summary
IRA Capital and Artemis Real Estate Partners announced the closing of a $235 million senior housing loan on June 25, 2026, secured by a portfolio of two newly constructed Class-A luxury senior housing communities located in Bellevue, Washington, and Portland, Oregon. The financing underscores both firms' commitment to the senior housing sector at a time when demographic trends and supply constraints are reshaping healthcare real estate investment opportunities.
The underlying portfolio comprises 534 units across two institutional-quality properties positioned in premier downtown locations within two of the West Coast's most affluent and supply-constrained markets. Watermark at Bellevue, the flagship property, spans 291 units across a 20-story high-rise tower housing independent living residences and an adjacent seven-story mid-rise building dedicated to assisted living and memory care. Both communities offer a comprehensive continuum of care services and feature institutional-caliber amenities, including multiple dining venues, state-of-the-art wellness and fitness facilities, private balconies, and full in-unit kitchens—amenities designed to attract and retain affluent senior residents in competitive markets.
IRA Capital's origination track record demonstrates meaningful scale in private credit. Over the past two years, the Irvine-based firm has identified unique opportunities within the private credit market, originating approximately $550 million in debt investments across multiple industries. Artemis has established itself as a deep operator in the healthcare real estate sector, having originated approximately $1 billion in healthcare debt investments. This transaction marks another milestone in IRA and Artemis's ongoing partnership and reflects both firms' shared conviction in the long-term fundamentals of the senior housing sector, particularly in supply-constrained, high-net-worth submarkets on the West Coast.
The $235 million financing represents a strategic deployment of capital within a sector characterized by favorable demographic tailwinds, limited new supply in premium markets, and sustained demand from aging populations with strong purchasing power.
The underlying portfolio comprises 534 units across two institutional-quality properties positioned in premier downtown locations within two of the West Coast's most affluent and supply-constrained markets. Watermark at Bellevue, the flagship property, spans 291 units across a 20-story high-rise tower housing independent living residences and an adjacent seven-story mid-rise building dedicated to assisted living and memory care. Both communities offer a comprehensive continuum of care services and feature institutional-caliber amenities, including multiple dining venues, state-of-the-art wellness and fitness facilities, private balconies, and full in-unit kitchens—amenities designed to attract and retain affluent senior residents in competitive markets.
IRA Capital's origination track record demonstrates meaningful scale in private credit. Over the past two years, the Irvine-based firm has identified unique opportunities within the private credit market, originating approximately $550 million in debt investments across multiple industries. Artemis has established itself as a deep operator in the healthcare real estate sector, having originated approximately $1 billion in healthcare debt investments. This transaction marks another milestone in IRA and Artemis's ongoing partnership and reflects both firms' shared conviction in the long-term fundamentals of the senior housing sector, particularly in supply-constrained, high-net-worth submarkets on the West Coast.
The $235 million financing represents a strategic deployment of capital within a sector characterized by favorable demographic tailwinds, limited new supply in premium markets, and sustained demand from aging populations with strong purchasing power.
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