Washington

SEATTLE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Emerald City, a 119-unit assisted living and memory care community in Seattle. Emerald City features 99 assisted living and 20 memory care units. It was built in 2006 with renovations in 2017. The property totals 88,839 square feet on approximately 0.8 acres of land. The seller was an out-of-state private equity group with a third-party operator. The buyer was an experienced regional owner-operator looking to expand its footprint in the Seattle MSA. The price was not disclosed. Jason …

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BREMERTON, Wash. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing asset in Bremerton, across the Puget Sound from Seattle. The seller was a national healthcare REIT. Further details on the property were not disclosed. The existing asset was identified as an ideal candidate for either a behavioral healthcare provider, based on strong demand and reimbursement in the state, or a strategic regional seniors housing operator that had economies of scale in the region. Ultimately, a regional seniors housing operator, which Blueprint has worked with …

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BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has provided a $13.8 million mezzanine loan that supported the refinancing of eleven skilled nursing facilities and one assisted living facility.  In addition to the mezzanine debt, CFG helped the client place the senior debt, which totaled $78.5 million. The total financing package amounted to $93.3 million. The facilities, which span Washington, Idaho, and Oregon, comprise over 1,554 beds. Further details on the borrower and properties were not disclosed.

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REDMOND, Wash. — Ziegler has arranged $118.3 million in bond financing for Emerald Heights, a continuing care retirement community in Redmond. Located approximately 17 miles northeast of Seattle, the 38-acre campus consists of 333 independent living units, including both apartments and cottages, 40 licensed assisted living beds, 16 memory care units and 61 skilled nursing beds. The bonds will be used to refinance 2013 bonds and fund an expansion project at the community. The first phase of the expansion, announced last week, will add 54 assisted living units and a sky …

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REDMOND, Wash. — Emerald Communities has broken ground on an assisted living expansion project in Redmond, approximately 10 miles east of Seattle.  The development will add 54 one-bedroom units to Emerald Heights, a continuing care retirement community. The project also includes a dining space, activity rooms, an outdoor patio and a centralized courtyard across 67,55 square feet. Development costs are estimated at $55 million. Dean Kelly of the architecture firm Rice Fergus Miller is leading the design, and also recently managed Emerald Heights’ new 42-unit independent living building and earlier …

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WASHINGTON — Veda Living, the management company spin-off of ETROS Management Firm, has taken on a 10-property management agreement in Washington state. ETROS Management Firm, founded in 2016, specializes in turnaround management solutions for underperforming senior living assets. The properties are all branded as Greenlake Senior Living communities, which target middle-market seniors in the Pacific Northwest. With this most recent management deal, Veda Living now operates a portfolio of 15 properties across the nation.

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SNOHOMISH, Wash. — Cushman & Wakefield and Greystone jointly announced the firms have arranged and closed, respectively, the refinance of Kōz on Weaver Road, a 100-unit seniors housing community in Snohomish, approximately 30 miles northeast of Seattle. The property was recently completed in 2020. Cushman & Wakefield served as the exclusive advisor to an affiliate of Kōz Development LLC in arranging approximately $14 million of financing for the multifamily asset. Greystone provided the Fannie Mae DUS financing was provided by Greystone. A Cushman & Wakefield Equity, Debt & Structured Finance …

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REDMOND, Wash. — Emerald Communities, a Redmond-based nonprofit operator, has hired Denisa Feddersen as corporate controller. Feddersen will oversee all aspects of accounting including financial reporting, audits, actuarial studies, payroll and financial analysis. She will ensure financial management for Emerald Communities, which operates the Emerald Heights and Heron’s Key continuing care retirement communities (CCRCs). Feddersen comes to Emerald Communities with a background in senior living. She previously worked as the vice president of finance and corporate controller at a senior living community based in California. She also has experience as …

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SHELTON, Wash. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Maple Glen, a 54-unit assisted living community in Shelton, approximately 55 miles southwest of Seattle. The facility was built in 2000. The property totals 50,555 square feet, and is situated on approximately 3.7 acres of land. The buyer is a Pacific Northwest owner-operator and plans to spend money on capital improvements and increase the number of licensed beds. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of Senior Living Investment Brokerage handled the transaction. The seller …

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SEATTLE — CBRE National Senior Housing has arranged a $23.3 million refinancing for Queen Anne Manor, a 93-unit assisted living and memory care community in Seattle. Aron Will, Adam Mincberg and Michael Cregan of CBRE National Senior Housing arranged the 10-year bridge loan with three years of interest-only payments through a national bank. The borrower is Capitol Seniors Housing. Originally built in 1908 as Seattle’s Children’s Orthopedic Hospital, the community was converted to seniors housing in 1982. Extensively renovated in 2015, the community is located two miles from downtown Seattle …

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