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Assisted LivingFinanceNewsWashington

CBRE Arranges $23.3M Refinancing for Queen Anne Manor in Seattle

by Jeff Shaw

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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CCRCNewsOperationsPeopleWashington

Emerald Communities Promotes Michelle Wood to Vice President of Operations

by Jeff Shaw

REDMOND, Wash. — Emerald Communities, the Redmond-based nonprofit operator of Emerald Heights and Heron’s Key, has promoted Michelle Wood from corporate controller to vice president of operations. Wood will provide leadership, strategic and daily operational support to the executive directors at Emerald Heights and Heron’s Key. Wood will ensure proper management, planning, organization evaluation and control in all operating departments for each community. She will also oversee Emerald Communities’ director of food and beverage services and serve as Emerald Communities’ corporate risk and compliance officer. With the promotion of Wood, …

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AcquisitionsAffordable HousingNewsWashington

PEF Advisors Acquires 92-Unit Webster Court in Kent, Washington

by Jeff Shaw

KENT, Wash. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Webster Court, a 92-unit, four-story affordable seniors housing community in Kent, 20 miles south of Seattle. PEF Advisors has budgeted approximately $1.2 million, or $12,915 per unit, to address deferred maintenance, improve curb appeal, and elevate the quality of housing and competitiveness of the property. The seller and price were not disclosed. Resident parking consists of 38 uncovered spaces. All 92 apartment units are one-bedrooms and average 458 square feet. As of March 2023, the property was 88 …

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FinanceNewsSkilled NursingWashington

CFG Funds $3.3M Bridge Loan for Two Skilled Nursing Facilities in Washington

by Jeff Shaw

WASHINGTON — Capital Funding Group (CFG) has provided $3.3 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The facilities, which are located in Washington, feature 108 beds. Further details on the location and borrower were not disclosed. Tim Eberhardt and Ava Julio originated the transaction.

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AcquisitionsActive AdultNewsWashington

SVN Cornerstone Arranges $10.1M Sale of Whispering Pines Apartments in Spokane, Washington

by Jeff Shaw

SPOKANE, Wash. — SVN Cornerstone has arranged the sale of Whispering Pines Apartments, an age-restricted apartment community in Spokane. The asset traded for $10.1 million. The unassisted seniors housing community offers two- and three-bedroom units with two-car garages and individual backyards. Community amenities include a clubhouse and dog park. Nate Gant and Guy Byrd of SVN Cornerstone represented the undisclosed seller, while Levi Sterley of Lee & Associates represented the undisclosed buyer in the deal.

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DevelopmentNewsWashington

Merrill Gardens Opens 123-Unit Community in Tacoma, Washington

by Jeff Shaw

TACOMA, Wash. — Merrill Gardens Senior Living has opened Merrill Gardens at Wright Park in the historic Stadium District in Tacoma. Merrill Gardens co-developed the property with Rush Development. The community features 115 independent living and assisted living apartments in studio, one- and two-bedroom layouts, as well as 18 memory care units. The main floor of the community features 2,600 square feet of retail space that includes an on-site urgent care clinic. Merrill Gardens will manage the senior living community and Rush will manage the retail space. The community mixes …

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CaliforniaCompany NewsNewsOperationsWashington

Sabra Transitions Operations of 24 West Coast Skilled Nursing Facilities to Ensign, Avamere

by Jeff Shaw

IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA), an Irvine-based investor, plans to transition a 24-property portfolio previously leased to North American Health Care Inc. to two of Sabra’s existing tenants: The Ensign Group (NASDAQ: ENSG) and the Avamere Family of Companies. Ensign will add 20 properties located in California to two master leases with Ensign operating companies with initial terms of 18 and 20 years, each with an accompanying corporate guarantee from Ensign. The initial annual rent attributable to the 20 properties will be $29.4 million, with …

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AcquisitionsNewsWashington

Oxford Capital, Fortress Investment Acquire Three Communities in Sequim, Washington for $54M

by Jeff Shaw

SEQUIM, Wash. — A joint venture between Oxford Capital Group LLC and Fortress Investment Group LLC has acquired a three-property, 256-unit seniors housing portfolio located on a single campus in Sequim. The properties were built between 1974 and 2007 and are located northwest of Seattle, just across the Salish Sea from Victoria, British Columbia. Evans Senior Investments (ESI) brokered the $54 million transaction. The buyer acquired the properties from an independent family operator. Oxford’s seniors housing management affiliate, Oxford Living US LLC, will manage the properties. Terms of the transaction …

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DevelopmentIndependent LivingNewsWashington

Anthology Plans 127-Unit Independent Living Community in Edmonds, Washington

by Jeff Shaw

EDMONDS, Wash. — Anthology Senior Living has unveiled plans for Anthology of Edmonds, a 127-unit seniors housing community in Edmonds, a northern suburb of Seattle. The community totals 162,872 square feet across six floors and is Anthology’s first community to exclusively offer independent living. This project marks the sixth senior housing development that Anthology has started in the past 12 months. Harrison Street is an investment partner on the project. According to a recent report by the U.S. Census Bureau, almost 15 percent of the Snohomish County population has already …

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AcquisitionsAffordable HousingNewsWashington

PEF Advisors Acquires 75-Unit Rainier Vista Affordable Community in Pacific, Washington

by Jeff Shaw

PACIFIC, Wash. — Preservation Equity Fund Advisors (PEF Advisors) has purchased Rainier Vista, an affordable seniors housing property in Pacific. Terms of the transaction were not released. Originally developed in 2003 with low-income housing tax credits, Rainier Vista offers one three-story building with 75 one- and two-bedroom units for affordable housing for seniors age 55 and older. The community includes 20 units designated for residents earning 30 percent of area median income (AMI), 25 units for residents at 50 percent AMI and five units for residents at 60 percent AMI. …

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