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AcquisitionsNewsWashington

IRA Capital Acquires 253-Unit Quail Park of Lynnwood in Metro Seattle

by Jeff Shaw

LYNNWOOD, Wash. — IRA Capital, a California-based private equity firm, has acquired Quail Park of Lynnwood, a 253-unit, Class A property in the Seattle suburb of Lynnwood. Quail Park is spread across 15 acres and developed in two phases in 2013 and 2020. The property offers independent living, assisted living, “enhanced assisted living” and memory care. IRA made the acquisition in an all-cash deal alongside an institutional joint-venture partner. The new owners plan to invest in updates to common areas and amenities. The seller and price were not disclosed.

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AcquisitionsAssisted LivingNewsWashington

SLIB Brokers Sale of 50-Unit Community in Mercer Island, Washington

by Jeff Shaw

MERCER ISLAND, Wash. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 50-unit assisted living and memory care community in Mercer Island, located in Lake Washington just east of Seattle. The property was built in 1990. Its name was not disclosed. The seller was a private real estate fund. The buyer is a Northwest-based owner-operator looking to expand its portfolio in Washington. The new owner plans to remodel the community Jason Punzel and Daniel Geraghty handled the transaction for SLIB.

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DevelopmentNewsWashington

Cogir Completes 76-Unit Community in Kirkland, Washington

by Jeff Shaw

KIRKLAND, Wash. — The Cogir Family of Companies has completed work on Cogir of Kirkland, a 76-unit independent living and assisted living community in Kirkland, a suburb east of Seattle. Located in the city’s Lakeview neighborhood, the community offers units ranging from 375 to 475 square feet. Cogir will hold a ribbon cutting on June 20 at the property.

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Assisted LivingDevelopmentNewsWashington

Koelsch Nears Completion of $93M Belle Harbour Project in Bellevue, Washington

by Jeff Shaw

BELLEVUE, Wash. — Koelsch Communities has neared completion of Belle Harbour, a seniors housing community in Bellevue, a suburb of Seattle. The developer expects to open the $93 million project this summer. The campus comprises The Park at Belle Harbour, an assisted living community, and The Inn at Belle Harbour, a dedicated memory care community. Encompassing nearly three acres, the boutique campus features 145 suites across both buildings, with the assisted living community containing 73 private studios, one-bedroom and two-bedroom units. The memory care building has 72 suites ranging from …

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Assisted LivingDevelopmentNewsWashington

Aegis Living Opens 136-Unit Aegis Living Laurelhurst in Seattle

by Jeff Shaw

SEATTLE — Aegis Living has opened Aegis Living Laurelhurst in the Laurelhurst neighborhood of Seattle, near the University of Washington (UW). The six-story building features 147,911 square feet of space and 136 assisted living apartments.  Aegis Development LLC is the developer, Ankrom Moisan Architects is the architecture firm and Exxel Pacific is the general contractor. Aegis Living Laurelhurst is Aegis’ 38th community and the second one to open this year.

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CCRCDevelopmentNewsWashington

Emerald Communities Completes $63M Expansion at Emerald Heights in Redmond, Washington

by Jeff Shaw

REDMOND, Wash. — Emerald Communities has completed a $63 million expansion project at Emerald Heights, a continuing care retirement community in Redmond, a suburb east of Seattle. The Courtyard building concept was first introduced in 2017 and construction began in September 2022. Emerald Heights is welcoming 34 residents to their new homes this week and eight units are still available. The three-level Courtyard building offers six apartment designs including one-bedroom, one-bedroom with a den, two-bedroom and two-bedroom with a den that range in size from 826 to 1,764 square feet. …

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FinanceNewsWashington

Northmarq Originates $35M Refinancing for Senior Living Community in Gig Harbor, Washington

by Jeff Shaw

GIG HARBOR, Wash. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma.  The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units. Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves. Built in two phases from 2010 to 2015, the development consists …

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CCRCNewsPeopleWashington

Emerald Communities Appoints Chris Lucero as Executive Director of Heron’s Key CCRC in Gig Harbor, Washington

by Jeff Shaw

GIG HARBOR, Wash. — Emerald Communities, a nonprofit operator with two continuing care retirement communities (CCRCs) in Washington, has appointed Chris Lucero as the new executive director at Heron’s Key in Gig Harbor, just across the Puget Sound from Tacoma. Lucero has more than 17 years of experience in the senior living industry. He holds a bachelor’s degree in marketing from the University of New Mexico. As executive director, Lucero will oversee the management, planning, organization, leadership, evaluation and control in all departments of Heron’s Key.

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AcquisitionsMissouriNewsOregonSouth CarolinaWashington

Merrill Gardens Acquires Five Communities

by Jeff Shaw

GREENVILLE, S.C.; SEATTLE; SPRINGFIELD, Mo.; TUKWILA, Wash.; and HILLSBORO, Ore. — Seattle based Merrill Gardens has added four existing communities to its portfolio, along with one new community under construction. The privately held company now operates 65 communities in 17 states. The first community is Merrill Gardens at Greenville. The newly opened independent living community features 129 studio, one- and two-bedroom apartments. Also acquired was Murano Senior Living in Seattle. The high-rise community features 243 apartments with waterfront and city skyline views. The property offers independent living, assisted living and …

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FinanceNewsWashington

CFG Arranges $15.4M Financing for Truewood by Merrill, First Hill in Seattle

by Jeff Shaw

SEATTLE — Capital Funding Group (CFG) has arranged a $15.4 million bridge loan to refinance debt on Truewood by Merrill, First Hill, a 98-unit independent living, assisted living and memory care community in Seattle.  CFG closed the financing on behalf of the joint-venture ownership. Further details were not disclosed.

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