Merrill Gardens, a subsidiary of parent R.D. Merrill, is raising a $150 million fund to build more senior housing in the Seattle area, reports the Puget Sound Business Journal.
The company will use the capital and debt to pay for more than $500 million in new buildings, with about 75% being used to build between eight and a dozen senior housing properties. The funds will be primarily used on the West Coast in Washington and California.
“We focus on urban villages around the Puget Sound area—Wallingford, Ballard, Seattle Center,” said Bill Pettit, president of Merrill Gardens, during an interview with the Journal.
The company’s senior housing properties will include between 125 units and 150 units for a total in the range of 1,200 to 1,500 units, Pettit said.
View the full article here.
Written by John Yedinak