SEATTLE — Nonprofit organization Horizon House has secured bond financing for a development project at its senior living campus in the First Hill neighborhood of Seattle. Ziegler arranged the financing, completing the successful pricing of Horizon House’s $600 million Series 2025AB bonds through the Washington State Housing Finance Commission. The bonds are scheduled to close in December.
The existing senior living campus currently features 377 independent living apartments and 90 assisted living and memory care residences. The bonds will be used to fund a new, 33-story tower at the property, dubbed the West Tower. Upon completion, the project will add 202 independent living apartments, replacing a West Wing built in the 1980s. Apartment sizes within the West Tower will range from 861 to 2,206 square feet, with one- and two-bedroom layouts. Amenities at the building will include underground parking, resident gardens, a garden lounge, event spaces and a rooftop dining and lounge space.
The bonds include short-term, fixed-rate Series B bonds to be repaid at roughly 80 percent occupancy and long-term, fixed-rate Series A bonds amortizing over 36 years through Jan. 1, 2061.
“This financing package will directly support resident well-being, staff excellence and our mission to serve both middle-market and higher-end older adults,” says Erica Thrash-Sall, CEO of Horizon House.