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Pacific Retirement Services, Inc. (PRS) Announces Mirabella at South Waterfront Bond Closing

August 26, 2008

Pacific Retirement Services, Inc. (PRS), a national, not-for-profit leader in the senior living industry, announced today that the bond closing for the construction of its affiliate, Mirabella at South Waterfront, occurred on August 26, 2008. Mirabella, an award-winning 30-story, not-for-profit Continuing Care Retirement Community by PRS, is under construction now in South Waterfront. Mirabella has entered into an affiliation agreement with Oregon Health and Science University (“OHSU”) in connection with this project. The $221.7 million in bonds were issued by The Hospital Facilities Authority of Multnomah County, Portland, Oregon, for the construction of Mirabella (“the Project”).

Issued were $212.2 million of Hospital Facilities Authority of Multnomah County, Oregon, Variable Rate Demand Revenue Bonds, Series 2008A; and $9.5 million of Hospital Facilities Authority of Multnomah County, Oregon, Variable Rate Demand Revenue Bonds, Taxable Series B (Mirabella at South Waterfront Project). The Letter of Credit is from Bank of Scotland plc, New York Branch. Herbert J. Sims & Co., Inc., served as the senior managing underwriter, and Cain Brothers served as the underwriter for the issue.

Mirabella’s award-winning, 325-foot-tall green design is by Ankrom Moisan Associated Architects of Portland, Oregon, and construction is by Hoffman Construction Company. From proper site selection and careful planning, to resource conservation and improved indoor environmental quality, Mirabella Portland will be built and operated in a sustainable manner. It is now being constructed to achieve the highest possible LEED (Leadership in Energy and Environmental Design) rating–a Platinum certification–though South Waterfront only required a Silver certification.

The groundbreaking ceremony occurred on May 3, 2008, and Mirabella is expected to open in 2010 on an approximate 1.16-acre site bordered by S.W. Curry, S.W. River Parkway, S.W. Pennoyer St., and S.W. Bond Ave. This is the second Mirabella CCRC for PRS. The first is Mirabella Seattle, which is expected to open December 15, 2008, in South Lake Union, and under development now is Mirabella San Francisco Bay, which is planned for the new cultural center of Foster City known as Park View Plaza.

Mirabella is being designed to provide seniors urban access, resort-style venues, and scenic views. Penthouse and apartment homes are spacious, with the finest finishes and extra-large windows and balconies that frame views of Mount Hood, the Willamette River, and the Portland skyline.

World-class amenities are throughout to support healthy living and offer social opportunities, lifelong learning, and entertainment. There are various dining venues, including the Penthouse View Dining Room on the 24th floor, a Cafe/Bistro, and private dining rooms. The Fitness Center has an indoor lap training pool, a spa, and exercise classes. Mirabella also has a Cocktail Lounge and various other lounge areas, the Lifelong Learning Center/Activity Rooms, a Library and Business Center, planned activities and excursions, and convenient services such as a salon/barbershop, a bank, a store, underground parking, valet parking, and transportation, among others.

Levels of care and senior living include Independent Living, Residential Living, and Memory Care and Skilled Nursing Care in all private suites. An on-site Wellness Clinic will also offer a variety of services and therapies.

In connection with the Project, PRS has entered into an affiliation agreement with OHSU, though OHSU will not own or have any financial obligation in regard to the Project or the Bonds. OHSU and PRS will collaborate in the development and implementation of new technologies that will meet the needs of residents, assist in the operation of the Project, and help to enhance the independence and well-being of residents.

To learn more about Mirabella Portland, call 503-245-4742 or 1-877-254-9371, or visit www.mirabellaretirement.org. Mirabella’s marketing office is located at 3030 S.W. Moody Avenue, Suite 107, Portland, OR 97201. To learn more about Pacific Retirement Services, Inc., call 888-724-6424 or visit www.retirement.org.

About Pacific Retirement Services, Inc. (PRS)

PRS is a national, not-for-profit senior living developer, operator, and manager that serves a growing family of 55 organizations, including retirement communities and service organizations. Headquartered in Medford, Oregon, with another office in Memphis, Tennessee, PRS has approximately 2,014 employees and provides housing and services to more than 4,850 seniors through its many affiliated organizations in California, Oregon, Washington, Texas, and Wisconsin, with Florida coming soon. PRS affiliates include nine Continuing Care Retirement Communities (CCRCs), two managed retirement communities, and twenty-five affordable housing communities, with more in development. Mirabella Portland, Mirabella Seattle, and Mirabella San Francisco Bay represent PRS’s newest brand of urban CCRCs. To learn more, call (888) 724-6424 or visit www.retirement.org.




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