Washington

BELLEVUE, Wash. — Koelsch Communities has neared completion of Belle Harbour, a seniors housing community in Bellevue, a suburb of Seattle. The developer expects to open the $93 million project this summer. The campus comprises The Park at Belle Harbour, an assisted living community, and The Inn at Belle Harbour, a dedicated memory care community. Encompassing nearly three acres, the boutique campus features 145 suites across both buildings, with the assisted living community containing 73 private studios, one-bedroom and two-bedroom units. The memory care building has 72 suites ranging from …

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SEATTLE — Aegis Living has opened Aegis Living Laurelhurst in the Laurelhurst neighborhood of Seattle, near the University of Washington (UW). The six-story building features 147,911 square feet of space and 136 assisted living apartments.  Aegis Development LLC is the developer, Ankrom Moisan Architects is the architecture firm and Exxel Pacific is the general contractor. Aegis Living Laurelhurst is Aegis’ 38th community and the second one to open this year.

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REDMOND, Wash. — Emerald Communities has completed a $63 million expansion project at Emerald Heights, a continuing care retirement community in Redmond, a suburb east of Seattle. The Courtyard building concept was first introduced in 2017 and construction began in September 2022. Emerald Heights is welcoming 34 residents to their new homes this week and eight units are still available. The three-level Courtyard building offers six apartment designs including one-bedroom, one-bedroom with a den, two-bedroom and two-bedroom with a den that range in size from 826 to 1,764 square feet. …

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GIG HARBOR, Wash. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma.  The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units. Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves. Built in two phases from 2010 to 2015, the development consists …

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GIG HARBOR, Wash. — Emerald Communities, a nonprofit operator with two continuing care retirement communities (CCRCs) in Washington, has appointed Chris Lucero as the new executive director at Heron’s Key in Gig Harbor, just across the Puget Sound from Tacoma. Lucero has more than 17 years of experience in the senior living industry. He holds a bachelor’s degree in marketing from the University of New Mexico. As executive director, Lucero will oversee the management, planning, organization, leadership, evaluation and control in all departments of Heron’s Key.

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GREENVILLE, S.C.; SEATTLE; SPRINGFIELD, Mo.; TUKWILA, Wash.; and HILLSBORO, Ore. — Seattle based Merrill Gardens has added four existing communities to its portfolio, along with one new community under construction. The privately held company now operates 65 communities in 17 states. The first community is Merrill Gardens at Greenville. The newly opened independent living community features 129 studio, one- and two-bedroom apartments. Also acquired was Murano Senior Living in Seattle. The high-rise community features 243 apartments with waterfront and city skyline views. The property offers independent living, assisted living and …

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SEATTLE — Capital Funding Group (CFG) has arranged a $15.4 million bridge loan to refinance debt on Truewood by Merrill, First Hill, a 98-unit independent living, assisted living and memory care community in Seattle.  CFG closed the financing on behalf of the joint-venture ownership. Further details were not disclosed.

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BELLEVUE, Wash. — Great Expectations LLC has purchased Sagebrook, a seniors assisted living and memory care community on 2.3 acres in the Seattle suburb of Bellevue, for $16.5 million. The buyer plans to convert the property into a 108-unit apartment community for residents of all ages. The new property, which will be rebranded, will offer housing for residents earning 60 percent to 80 percent of area median income. The community is located at 15750 NE 15th St. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield …

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SEATTLE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Emerald City, a 119-unit assisted living and memory care community in Seattle. Emerald City features 99 assisted living and 20 memory care units. It was built in 2006 with renovations in 2017. The property totals 88,839 square feet on approximately 0.8 acres of land. The seller was an out-of-state private equity group with a third-party operator. The buyer was an experienced regional owner-operator looking to expand its footprint in the Seattle MSA. The price was not disclosed. Jason …

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