HFF Advises on $115 Million Financing for Seattle Senior Housing Development
Holliday Fenoglio Fowler, L.P. (HFF) has advised Columbia Pacific Advisors on the $114.69 million financing for a luxury, high-rise senior housing property in Seattle. The 24-story property—620 Terry—will offer 243 Class A residential units comprising 194 independent living units, 21 assisted living units and 28 memory care units.
The participating development loan was provided by HCP, Inc. (NYSE: HCP). The HFF team representing the borrower included senior director David Fasano, director Sarah Anderson, managing director Casey Davidson and senior managing directors Ryan Maconachy and Chad Lavender.
Located in Seattle’s First Hill neighborhood, the 24-story 620 Terry is due for completion in 2019 and will feature concierge services, a full-service restaurant, a bistro/café, two bars and top-level club room with mountain and city views. 620 Terry will also have an auditorium, theater, wellness suite/gym and other activity spaces.
Summit Senior Living Appoints New Management Team
Starting March 1, 2018, Watermark Retirement Communities will provide professional management services for Summit Senior Living in Salt Lake City, Utah. With the addition of Summit Senior Living, the Tucson, Arizona-based Watermark manages 52 communities coast to coast.
Located at 5524 West 6200 S, Salt Lake City, Summit Senior Living offers assisted living and memory care for up to 95 residents. Watermark and Vancouver, Washington-based Milestone Retirement Communities made the announcement.
Capital One Refinances 185-Property Senior Housing Portfolio
Capital One has announced that it has added seven senior housing properties owned by subsidiaries of Healthcare Trust, Inc. (HTI) to HTI’s Fannie Mae credit facility. The total facility is now $216.6 million, up $64.2 million.
HTI is a non-traded real estate investment trust (REIT) with 185 properties focused primarily on health care-related assets, including medical office buildings, senior housing communities and other health care-related facilities.
$29 Million Financing Completed for Senior Housing Property in Visalia, California
Commercial real estate financial intermediary NorthMarq Capital has completed a $29,272,000 construction financing for a 120-unit senior housing property in Visalia, California. The community, Quail Park at Shannon Ranch, will open in early 2019. Stuart Oswald, senior vice president and managing director of NorthMarq Capital’s Seattle regional office, secured the financing.
The transaction was structured with a five-year term. NorthMarq arranged financing for the borrower through its relationship with a regional bank. The property is owned by the principles of Living Care Lifestyles, several local investors and the Kaweah Delta Hospital. It will be operated by Living Care Lifestyles.
Connecticut Senior Housing Facility Completes $35 Million Loan
Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has facilitated the closing of a $35 million Freddie Mac mortgage loan secured by Brightview on New Canaan, a 90-unit senior housing community in Norwalk, Connecticut. The loan was originated by Senior Vice President Richard Thomas and Vice President Meredith Davis and closed in early 2018.
Brightview on New Canaan offers independent living, assisted living, memory care and enhanced care. Charlotte-based Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), arranges permanent commercial and multifamily real estate loans, services loan portfolios and provides asset and portfolio management.
Florida Assisted Living Facility Sells for $6.1 Million
Assisted living facility Summit in Venice, Florida, has sold for $6.1 million. Realtor Krone L. Weidler of Marcus & Millichap represented the buyer of the 40,440 square-foot facility.
Written by Jack Silverstein
Companies featured in this article:
Capital One, Columbia Pacific Advisors, Fannie Mae, Grandbridge Real Estate Capital, Healthcare Trust Inc., Holliday Fenoglio Fowler, Living Care Lifestyles, Marcus & Millichap, Milestone Retirement Communities, Northmarq Capital, Summit Senior Living, Watermark Retirement Communities