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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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FinanceNewsWashington

NorthMarq Arranges $35M Refinancing for Weatherly Inn of Tacoma, Washington

by Jeff Shaw

TACOMA, Wash. — NorthMarq has arranged a $35 million refinancing for Weatherly Inn, an independent living, assisted living and memory care community in Tacoma. Developed in the mid-1990s, the community is family owned and operated. It features 136 units. Stuart Oswald, senior vice president and managing director of NorthMarq’s Seattle office, arranged the Freddie Mac financing with a 10-year term and 30-year amortization.

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AcquisitionsCaliforniaNevadaNewsWashington

Aegis Living, Blue Moon Capital Buy Seniors Housing Portfolio in Western US from Healthpeak for $350M

by Jeff Shaw

BELLEVUE, Wash. and BOSTON — Aegis Living, a seniors housing owner and operator based in Bellevue, has acquired 10 properties from Healthpeak Properties Inc. (NYSE: PEAK). Aegis already operated the communities under a lease agreement with Healthpeak Properties, a Denver-based real estate investment trust (REIT). Aegis’ joint venture partner on the $350 million acquisition is Blue Moon Capital Partners LP, a Boston-based private equity investor in the seniors housing sector. The portfolio is located in Washington, California and Nevada, totaling 702 units of assisted living and memory care. The acquired …

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AcquisitionsFinanceMontanaNewsWashington

Ziegler Arranges $42.6M Acquisition Financing for Three-Property Portfolio in Northwest

by Jeff Shaw

BOZEMAN, Mont., and SEATTLE — Ziegler has arranged $42.6 million in financing for the acquisition of two seniors housing properties near Seattle and another in Bozeman. The borrower is Radiant Senior Living, which has brought the three properties into its portfolio. The financing consisted of a combination of senior and mezzanine debt, with Congressional Bank providing the senior debt and a national senior housing fund providing the mezzanine debt. Radiant acquired the portfolio from a publicly traded healthcare REIT as part of its expansion efforts across the country. The properties …

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Affordable HousingDevelopmentNewsWashington

Plymouth, Bellwether Break Ground on $150.7M The Rise on Madison Affordable Multifamily Project in Seattle

by Jeff Shaw

SEATTLE — A joint venture between Plymouth Housing and Bellwether Housing has broken ground for the development of The Rise on Madison, a 17-story affordable apartment community in Seattle’s First Hill neighborhood. Plymouth will operate 115 studio units, with on-site supportive services, for formerly homeless seniors on floors one through six. Bellwether will operate 253 affordable, studio, one-, two- and three-bedroom apartments on floors seven through 16. Located at 1400 Madison St., The Rise on Madison will feature a large community room, roof deck and ground-floor retail space, as well …

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CCRCDevelopmentFinanceNewsWashington

Ziegler Arranges $81.4M Refinancing for Rockwood Retirement Communities in Spokane, Washington

by Jeff Shaw

SPOKANE, Wash. — Ziegler has placed $81.4 million in bond financing through the Washington State Housing Finance Commission on behalf of Spokane United Methodist Homes. The borrower is the nonprofit operator of Rockwood Retirement Communities, which consists of two continuing care retirement communities (CCRCs) in Spokane — Rockwood South Hill and Rockwood at Whitworth. The communities have a combined 600 residents. The tax-exempt, fixed-rate bonds amortize over 35 years, wrapping around existing indebtedness to result in level aggregate annual debt service. Bond proceeds will be applied toward Phase II construction …

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