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Assisted LivingDevelopmentNewsWashington

Alliance Residential Starts Construction of 136-Unit Holden of Bellevue in Washington

by Jeff Shaw

BELLEVUE, Wash. — Alliance Residential has started construction of Holden of Bellevue, the first piece of a three-phase multifamily project in downtown Bellevue. Holden will rise seven stories and feature 110 assisted living units and 26 memory care units. It is scheduled to open this fall. The second phase of the overall project will be an independent living building, followed by standard multifamily in the third phase. Its location is in close proximity to the city’s restaurants, boutiques, art galleries, public parks and museums. Milestone Retirement Communities will operate Holden …

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Assisted LivingDevelopmentFinanceNewsWashington

BMO Harris Funds a $19.4M Loan for Sunrise Renovation Project in Redmond, Washington

by Jeff Shaw

REDMOND, Wash. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $19.4 million construction loan for the renovation of a Sunrise Senior Living assisted living and memory care community in Redmond. Originally built in 1999, the asset features 110 units. Further details on the project were not disclosed.

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AcquisitionsNewsOperationsSkilled NursingWashington

The Ensign Group to Operate Four CareTrust-Owned Skilled Nursing Facilities in Washington

by Jeff Shaw

MOUNT VERNON, SHORELINE, LAKEWOOD and VANCOUVER, Wash. — The Ensign Group, Inc. (NASDAQ: ENSG) will take over operations of four skilled nursing facilites in Washington. The owner, CareTrust REIT Inc. (NASDAQ: CTRE), is transferring the operations from Five Oaks Healthcare. The four facilities are: Mira Vista Care Center, a 94-bed skilled nursing facility in Mount Vernon; Shoreline Health and Rehabilitation, a 114-bed skilled nursing facility in Shoreline; The Oaks at Lakewood, an 80-bed skilled nursing facility in Lakewood; and The Oaks at Timberline, a 98-bed skilled nursing facility in Vancouver. …

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FinanceMarylandNewsWashington

Grandbridge Arranges $11.2M in Seniors Housing Loan Modifications

by Jeff Shaw

SEATTLE and GAITHERSBURG, Md. — Grandbridge Real Estate Capital arranged $11.2 million in financing across three modification loans. Artin Anvar arranged the interest rate reduction (IRR) modifications through HUD’s IRR program. The first transaction, totaling $984,721, was secured by Hilltop Manor, a 35-unit assisted living community in Seattle. The loan features a 20-year term and 20-year amortization. The second transaction, totaling $955,717, was secured by Spring Manor, a 54-unit memory care facility in Seattle. The loan features a 20-year term and 20-year amortization. The largest transaction, totaling $9.2 million, was …

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FinanceNewsWashington

CBRE Arranges $49M Refinancing for Four-Property Portfolio in Metro Seattle

by Jeff Shaw

SEATTLE — CBRE Senior Housing has arranged a refinancing for a portfolio of four senior living properties in the Seattle metropolitan area. The four senior living communities are located on infill sites. The portfolio features 368 total units, of which 91 units are for independent living and 277 units are for assisted living. CBRE secured a five-year, $49 million, floating-rate loan with 36 months of interest-only payments through a national bank. MBK Senior Living will continue to operate the four properties as it has since acquisition. Aron Will, Austin Sacco, …

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DevelopmentNewsWashington

Aegis Living Opens Bellevue Overlake Community Near Seattle

by Jeff Shaw

BELLEVUE, Wash. — Aegis Living has opened Aegis Living Bellevue Overlake, located in the city of Bellevue where the company is headquartered. The community features 122 senior living apartments in the 106,000-square-foot-building. Its opening follows Aegis Living’s joint acquisition of 10 communities across California, Washington, and Nevada. Aegis has eight additional communities under development, including communities in Kirkland and the Eastlake neighborhood of Seattle. Aegis Living Bellevue Overlake is the first community Aegis Living has designed to be fully centered in the scientific benefits of biophilia and the innate connection …

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FinanceM&T Realty Capital CorporationNewsSkilled NursingWashington

M&T Realty Capital Provides $3.1M Refinancing for Skilled Nursing Facility in Seattle

by Jeff Shaw

SEATTLE — M&T Realty Capital Corp. has provided a $3.1 million, FHA-insured loan for the refinance of a 47-unit skilled nursing facility in Seattle. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) 223(a)(7) program. The 21-year loan features a 2.68 percent fixed interest rate and is fully amortizing. The transaction was led by Jim Schneider and Madeleine Roach of M&T Realty Capital’s Seattle office. Details on the borrower and facility were not disclosed.

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DevelopmentNewsWashington

Spellman Brady Completes Interior Redesign for Touchmark at Fairway Village in Vancouver, Washington

by Jeff Shaw

VANCOUVER, Wash. — Spellman Brady & Co. (SBC) has completed the comprehensive interior design for the renovation of Touchmark at Fairway Village in Vancouver. In addition to developing the overall interior design concept, Spellman Brady was responsible for managing product selections, specifications, procurement and installation of furniture, window treatments, artwork and accessories. Spellman Brady’s scope of work for Touchmark at Fairway Village consisted of a full interior renovation of 78,580 square feet of public corridors, resident amenity spaces and operational office areas. The full-service community includes 123 independent living, 86 …

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AcquisitionsCompany NewsNewsWashington

Transforming Age, SHAG Merge to Form Larger Nonprofit Operator

by Jeff Shaw

SEATTLE and BELLEVUE, Wash. — Washington-based nonprofits seniors housing operators Transforming Age and SHAG (Sustainable Housing for Ageless Generations) have announced the companies have officially affiliated. Transforming Age and SHAG will continue to operate as their own, independent 501(c)(3) nonprofit organizations. The affiliation will be guided by a common board of directors. “As the number of older adults soars, bold moves are needed to ensure seniors have quality homes, access to services and opportunities to thrive no matter their level of income,” says Torsten Hirche, Transforming Age president and CEO. …

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DevelopmentIndependent LivingNewsWashington

Revel Communities Opens 146-Unit Independent Living Property in Issaquah, Washington

by Jeff Shaw

ISSAQUAH, Wash. — Revel Communities, a division of The Wolff Co., has opened Revel Issaquah, a 146-unit independent living community in the Seattle suburb of Issaquah. As Revel’s third community in Washington State, the property is located less than 20 miles outside Seattle and just outside of downtown Issaquah across from Lake Sammamish, providing residents with easy access to art galleries, shopping and entertainment.

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