BPM Real Estate Group got the go ahead this week for the second of two big budget projects it intends to build at Goodpasture Island.

The Portland-based developer secured a $24 million construction loan from First Republic Bank to construct Waterford Grand, a $32.5 million, 140-unit senior housing project.

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Just last month, BPM closed a $47.5 million construction loan with Wells Fargo Bank to construct Riverwalk, a $70 million, 466-unit Pearl District-style apartment complex in the same Goodpasture neighborhood on the Willamette River.

Waterford Grand will offer a variety of residential units as well as a “memory care” center serving residents with dementia.

Myhre Group Architects of Portland designed the Waterford Grand project. Hoviss Development Group LLC is the general contractor for site improvements and Chambers Construction of Eugene is general contractor for vertical construction. Bowen Property Management will serve as owner’s representative.

When open, Waterfront Grand will be managed by BPM Senior Living Co., an assisted living arm of BPM.