Washington

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

by Jeff Shaw February 25, 2021

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 …

February 25, 2021

Acquisitions Company News News Washington

Transforming Age, SHAG Merge to Form Larger Nonprofit Operator

by Jeff Shaw February 24, 2021

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. …

February 24, 2021

Development Independent Living News Washington

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

by Jeff Shaw February 12, 2021

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.

February 12, 2021

Finance News Washington

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

by Jeff Shaw January 26, 2021

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.

January 26, 2021

Acquisitions California Nevada News Washington

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

by Jeff Shaw January 12, 2021

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 …

January 12, 2021

Acquisitions Finance Montana News Washington

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

by Jeff Shaw November 16, 2020

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 …

November 16, 2020

Affordable Housing Development News Washington

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

by Jeff Shaw October 30, 2020

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 …

October 30, 2020

CCRC Development Finance News Washington

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

by Jeff Shaw October 28, 2020

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 …

October 28, 2020

Acquisitions Montana News Washington

Diversified Healthcare Trust Completes $46M Sale of Three Communities in Washington, Montana

by Jeff Shaw October 26, 2020

NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC) has completed the previously announced sale of four assets for a combined sales price of approximately $53.3 million. These sales include a portfolio of three senior living communities with a combined 239 units in Washington and Montana for $46 million. The remaining asset, a 78,747-square-foot medical office property in Hattiesburg, Mississippi, sold for approximately $7.3 million. Details on the buyers and names of the properties were not disclosed. These sales were part of Newton-based DHC’s previously announced disposition plan to sell up …

October 26, 2020

Development News Washington

Cadence, Fluornoy Break Ground on 128-Unit Community Near Seattle

by Jeff Shaw October 23, 2020

KENT, Wash. — Cadence Living and Flournoy Development Group have broken ground on Cadence at Kent-Meridian in the Seattle suburb of Kent. The five-acre property is an infill location located adjacent to restaurants and other amenities, with views of Mount Rainier and contains a forest. The three-story building will feature 128 units for both independent and assisted living. Santé Development Group aided in the site selection process. “It is very rare to find a site that combines urban walkability with a natural preserve,” says Rob Leinbach, Cadence principal. “Combine that …

October 23, 2020

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