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CCRCFinanceNewsWashington

Ziegler Arranges $74.6M Financing for Heron’s Key CCRC in Gig Harbor, Washington

by Jeff Shaw

GIG HARBOR, Wash. — Ziegler has arranged $74.6 million in financing for Heron’s Key, a continuing care retirement community located across Puget Sound from Tacoma in Gig Harbor. Currently, the community consists of 194 independent living units, 30 skilled nursing beds and 51 assisted living units. Heron’s Key is a subsidiary of Emerald Communities, which is based in Redmond. Emerald Communities will use proceeds of the Cinderella bank placement with other available funds to advance refinance its 2015 bonds, which financed the original construction of the community. The loan was …

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CCRCFinanceNewsPeopleWashington

Emerald Communities Hires Diana Jamison as Chief Financial Officer

by Jeff Shaw

REDMOND, Wash. — Emerald Communities, a nonprofit owner-operator based in Redmond, Washington, has hired Diana Jamison as vice president and chief financial officer (VP-CFO). Jamison will be responsible for the overall strategic and operational aspects of finance, accounting and information technology. She will work closely with the president and CEO of Emerald Communities, senior management, the board of directors, residents and numerous community partners to ensure Emerald Communities and its senior living properties Heron’s Key and Emerald Heights all meet their financial and business goals. Prior to joining Emerald Communities, …

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CCRCDevelopmentNewsWashington

Emerald Communities Starts Expansion Project at Emerald Heights CCRC in Redmond, Washington

by Jeff Shaw

REDMOND, Wash. — Emerald Communities has started construction of an expansion project at Emerald Heights, a continuing care retirement community (CCRC) in the Seattle suburb of Redmond. The new building, named Courtyard, will rise three stories and feature 42 independent living units ranging in size from 826 to 1,726 square feet. Dean Kelly of the architecture firm Rice Fergus Miller, who worked on Emerald Heights’ previous expansion in 2014, led the design of the new building. The Courtyard will total 70,638 square feet plus a 35,703-square-foot underground parking structure. GLY …

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DevelopmentNewsWashington

Ryan Cos., Aegis Living Underway on 92-Unit Community in Seattle’s Ballard Neighborhood

by Jeff Shaw

SEATTLE — Ryan Cos. US Inc. and Aegis Living have unveiled plans for a new seniors housing community in the Ballard neighborhood of Seattle. Construction began in March 2022 for a planned opening in early 2024. The 75 and older community is expected to grow nearly 25 percent in King County between now and 2027, according to the Environmental Systems Research Institute (ESRI). The five-level story assisted living and memory care community will total approximately 75,000 square feet and house 92 units. DAHLIN is serving as architect for the project, …

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AcquisitionsNewsSkilled NursingWashington

Blueprint Negotiates Sale of 92-Unit Pinewood Terrace in Colville, Washington

by Jeff Shaw

COLVILLE, Wash. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Pinewood Terrace, a 92-unit skilled nursing facility located in Colville, a tiny city of fewer than 5,000 residents in the northeastern corner of Washington State. Cascadia Healthcare acquired the property for an undisclosed price. The seller was looking to exit Washington for states with more favorable reimbursement rates and lower regulatory hurdles. Cascadia, meanwhile, is growing its regional team in the Washington and northern Idaho markets to help with quality of care and synergy between local buildings.

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FinanceNewsSkilled NursingWashington

VIUM Funds $15.5M Bridge Loan for 120-Bed Skilled Nursing Facility in Washington State

by Jeff Shaw

WASHINGTON — VIUM Capital has provided $15.5 million in financing for a 120-bed skilled nursing facility in Washington. The bridge-to-HUD loan pays off seller financing, while offering cash for capital expenditures and cash-out financing. The transaction includes $10 million in initial funding, a $1.5 million capital expenditures draw and $4 million in earn-outs in three tranches. This is the third building of four in the borrower’s Washington portfolio, and VIUM refinanced the first two in June. Details on the property and borrower were not disclosed.

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FinanceNewsWashington

VIUM Capital Provides $7.7M Acquisition Loan for Community in Washington

by Jeff Shaw

WASHINGTON — VIUM Capital has provided a $7.7 million bridge-to-HUD loan for a seniors housing community in Washington state. The asset features 83 units of independent living, assisted living and memory care. The financing will fund the acquisition, as well as rehabilitation of the asset. Further details were not disclosed.

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FinanceNewsOregonWashington

Berkadia Provides $48M in Financing for Three Communities in Pacific Northwest

by Jeff Shaw

WASHINGTON and OREGON — Berkadia Seniors Housing & Healthcare has provided $48 million in combined financing for three seniors housing communities in Washington and Oregon. Steve Muth secured the transactions. The first deal was a $27 million, sub-60 percent loan-to-value-ratio loan with a 10-year, interest-only term through Freddie Mac. Built in 2015 in Washington, the seniors housing community features 105 beds and was 92 percent occupied at the time of the refinancing. The second transaction was a $16.2 million acquisition bridge loan for an assisted living and memory care community …

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FinanceNewsWashington

JLL Capital Markets Arranges $29.6M Refinancing for Mirror Lake Village Seniors Housing Community Near Seattle

by Jeff Shaw

FEDERAL WAY, Wash. — JLL Capital Markets has arranged a $29.6 million refinancing for Mirror Lake Village, a Class A seniors housing community situated on three acres at 3100 9th Place in SW in Federal Way. Mirror Lake Village features 30 assisted living units, 66 memory care units and 18 independent living cottages averaging 378 square feet. The community also features an outdoor courtyard with covered patio, common dining room, commercial kitchen, hair salon, theater, library and exercise room. Alanna Ellis of JLL Capital Markets represented the borrower, Mirror Lake …

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DevelopmentFinanceNewsWashington

CBRE Arranges $145.1M Construction Financing for 250-Unit Seniors Housing Development in Vancouver, Washington

by Jeff Shaw

VANCOUVER, Wash. — CBRE has arranged $145.1 million in construction financing for The Springs at The Waterfront, a seniors housing development in Vancouver, just across the Columbia River from Portland, Ore. The borrower is a joint venture between private equity firm Harrison Street, seniors housing operator The Springs Living and healthcare real estate developer PMB. The project is located within Vancouver Waterfront, a 32-acre master-planned development that is slated to eventually include 75,000 square feet of office space, 45,000 square feet of retail space and over 900 residential units. The …

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