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Washington

An undisclosed community in Silverdale, Washington
Assisted LivingIndependent LivingMemory CareNewsWashington

Live Oak Bank Provides $47.5M Bridge Loan for Seniors Housing Community in Metro Seattle

by Channing Hamilton

SILVERDALE, Wash. — Live Oak Bank has provided a $47.5 million bridge loan for the financing of an undisclosed seniors housing community located in Silverdale, roughly 25 miles northwest (approximately 70 miles by vehicle) of Seattle. Built in 2022, the property comprises 172 independent living, assisted living and memory care units. The borrower is a Florida-based owner of seniors housing communities. The financing features a three-year initial term and 24 months of interest-only payments. Loan proceeds were used to retire the existing debt, with $4 million in potential future earnout proceeds.

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Blossom Valley, Wenatchee, Washington
AcquisitionsAssisted LivingNewsOperationsWashington

American Healthcare REIT Acquires Four Communities in State of Washington

by Jeff Shaw

BATTLE GROUND, PORT ORCHARD and WENATCHEE, Wash. — Cogir Management USA Inc. and American Healthcare REIT (AHR) have expanded their relationship to 14 communities with AHR’s acquisition of four communities in the state of Washington. AHR acquired Mallard Landing in Battle Ground, Orchard Pointe in Port Orchard, Blossom Valley in Wenatchee and Blossom Creek in Wenatchee. This portfolio includes a total of 207 assisted living and memory care units. With this acquisition, Cogir now operates communities in Washington, California, Utah and North Carolina for AHR. Cogir also now manages 22 …

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CCRCFinanceNewsWashington

Ziegler Arranges $13.3M Financing for Bayview Retirement Community in Seattle

by Jeff Shaw

SEATTLE — Ziegler has arranged $13.3 million in bond financing for Bayview Retirement Community in Seattle. The Washington State Housing Finance Commission issued the bonds. Bayview Manor Homes, which owns and operates Bayview Retirement Community, is a Washington nonprofit corporation and 501(c)(3) organization that was established in 1961 to care for the elderly residents of Seattle’s Queen Anne neighborhood and beyond. The community features 133 independent living apartments and 44 assisted living apartments (which includes 10 memory care units). Bayview also operates an intergenerational childcare center located at the community …

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DevelopmentFinanceIndependent LivingNewsWashington

Ziegler Arranges $62.4M Financing for Parkshore Juanita Bay in Kirkland, Washington

by Jeff Shaw

KIRKLAND, Wash. — Ziegler has arranged $62.4 million in bond financing for Parkshore Juanita Bay, a 50-unit independent living community in the Seattle suburb of Kirkland. The borrower was originally founded in 1932 to provide housing and care for German seniors. In 1977, the organization constructed an assisted living retirement home known as The Gardens at Juanita Bay in Kirkland’s historic Juanita Bay neighborhood on the shores of Lake Washington.  In December 2018, the community affiliated with Presbyterian Retirement Communities Northwest, now known as Transforming Age. In 2021, management announced …

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AcquisitionsAssisted LivingNewsWashington

Zett Group Arranges Sale of 60-Unit Community in Central Washington State

by Jeff Shaw

WASHINGTON — The Zett Group, led by Blake Bozett, has arranged the sale of a 60-unit assisted living and memory care community in Central Washington.  The seller was an owner-operator that ran the community for 33 years. A Seattle-based owner-operator acquired the property for an undisclosed price in an all-cash deal. Randi Nathanson and Parisa Zarelli of Lane Powell PC helped navigate the complexities of the transaction.

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AcquisitionsNewsWashington

JLL Arranges $28M Sale of Van Mall Retirement in Vancouver, Washington

by Jeff Shaw

VANCOUVER, Wash. —  JLL Capital Markets has arranged the $28 million sale of Van Mall Retirement, a 191-unit senior living community in the Portland, Oregon, suburb of Vancouver. JLL represented the seller, Lytle Enterprises, and procured the buyer, a regional Pacific Northwest owner-operator. In addition, JLL procured acquisition financing from a regional bank on behalf of the buyer.  The property is adjacent to the Vancouver Mall and approximately five miles from downtown Vancouver and 10 miles from Portland International Airport. Additionally, the property is located close to Interstate 205, State Route …

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DevelopmentIndependent LivingNewsWashington

Watermark, Alliance Complete Independent Living Expansion at Watermark at Bellevue

by Jeff Shaw

BELLEVUE, Wash. — Watermark Retirement Communities and Alliance Residential Co. have completed construction of a new independent living tower at Watermark at Bellevue in the Seattle suburb of Bellevue. The community now offers a continuum of care, with its existing assisted living and memory care spaces. The property features 110 assisted living apartments and 26 memory care units. The expanded Watermark at Bellevue, now totaling 360,000 square feet, spans an entire city block. The 155-unit, 22-story independent living tower features studios, one-bedroom and two-bedroom apartments.  Watermark at Bellevue is adjacent …

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FinanceIdahoNewsSkilled NursingWashington

Capital Funding Group Provides $42M HUD Financing Package for Three Skilled Nursing Facilities

by Jeff Shaw

WASHINGTON and IDAHO — Capital Funding Group (CFG) has provided a HUD financing package totaling $42 million. The package included three loans supporting the refinancing of existing bridge loans for three skilled nursing facilities: Tim Eberhardt and Ava Julio originated the transaction. The borrower was not disclosed.

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FinanceNewsWashington

First Citizens Bank Provides Refinancing for 159-Unit GenCare Lifestyle Tacoma at Point Ruston

by Jeff Shaw

TACOMA, Wash. — First Citizens Bank, through its healthcare finance business, has provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma. The borrower is a joint venture led by Harrison Street. The same joint venture with PMB LLC served as the facility’s original developer, with GenCare Lifestyle, another joint venture partner, as the facility operator. The amount of the financing was not disclosed.

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AcquisitionsNewsWashington

IRA Capital Acquires 253-Unit Quail Park of Lynnwood in Metro Seattle

by Jeff Shaw

LYNNWOOD, Wash. — IRA Capital, a California-based private equity firm, has acquired Quail Park of Lynnwood, a 253-unit, Class A property in the Seattle suburb of Lynnwood. Quail Park is spread across 15 acres and developed in two phases in 2013 and 2020. The property offers independent living, assisted living, “enhanced assisted living” and memory care. IRA made the acquisition in an all-cash deal alongside an institutional joint-venture partner. The new owners plan to invest in updates to common areas and amenities. The seller and price were not disclosed.

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