CBRE Arranges $40M in Financing for MorningStar of Kirkland in Washington

KIRKLAND, Wash. — CBRE has arranged $40 million in financing for MorningStar of Kirkland, a 152-unit independent living community in Kirkland, a suburb of Seattle.

The community, located on 3.6 acres, opened in February half a mile from the Evergreen Health Medical Center Kirkland, a 318-bed general hospital that provides residents with convenient access to healthcare. Also nearby is Totem Lake East, a regional shopping center that includes a Whole Foods, Trader Joe’s, movie theater and a variety of restaurants and retail outlets.

The community is the first new, high-quality independent living asset built in the last 13 years in the high-barrier, affluent Kirkland submarket, according to CBRE.

The borrower is a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group. The use of the funds was not disclosed.

Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the financing. The nonrecourse, floating-rate loan features full-term interest-only payments. A national bank provided the funds.