CBRE Arranges $23.3M Refinancing for Queen Anne Manor in Seattle

by Jeff Shaw

SEATTLE — CBRE National Senior Housing has arranged a $23.3 million refinancing for Queen Anne Manor, a 93-unit assisted living and memory care community in Seattle.

Aron Will, Adam Mincberg and Michael Cregan of CBRE National Senior Housing arranged the 10-year bridge loan with three years of interest-only payments through a national bank. The borrower is Capitol Seniors Housing.

Originally built in 1908 as Seattle’s Children’s Orthopedic Hospital, the community was converted to seniors housing in 1982. Extensively renovated in 2015, the community is located two miles from downtown Seattle in the prominent, high-barrier-to-entry Queen Anne Hill neighborhood.

The community offers views of Seattle’s downtown skyline to its south, the Olympic Mountains and the Puget Sound to its west and the Cascade Mountains to its east. Nearby amenities include marinas, Seattle’s waterfront, and the Seattle Center that features the Space Needle, Key Arena, Pacific Science Center, Seattle Opera House and the Monorail train system.

Capitol originally acquired the property in 2016 to complement a portfolio of assets in the Pacific Northwest. Senior Services of America operates the asset under a third-party management agreement.

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