Seattle-Area Senior Housing Lands $30M Refi

The proprietor of Mirror Lake Village, a Class A impartial residing, assisted residing and reminiscence care facility in Federal Method, Wash., has secured $29.6 million in refinancing for the 114-unit, 138-bed senior group. JLL Capital Markets organized the financing on behalf of the borrower. A regional financial institution together with retroactive C-Tempo financing supplied the ultimate sum.

Director Alanna Ellis, who led the JLL crew representing the borrower, mentioned in ready remarks that the undertaking was initially delayed as a consequence of COVID-19 and subsequently got here on-line right into a troublesome surroundings. The ultimate mortgage has a 10-year interest-only price of 5.21 %, with 45 % of the financing as fixed-rate non-recourse.

The group contains 30 assisted residing models, 66 reminiscence care models and 18 impartial residing cottages which common 378 sq. ft. Neighborhood facilities embody an outside courtyard with a coated patio, widespread eating room, industrial kitchen, hair salon, theater, library and train room, amongst others.

Located on roughly 3 acres at 3100 Ninth Place SW, the group has a great variety of buying choices inside a 1-mile radius, resembling WinCo Meals, Hong Kong market, Fred Meyer and a Walmart Supercenter. Hylebos Wetlands Park can be lower than 2 miles southeast. Interstate 5, providing quick access into Seattle, is a few 3 miles west of Mirror Lake Village.

This month, JLL Capital Markets additionally organized $73.6 million for the refinancing of two Ohio senior housing properties, totaling 328 models, on behalf of proprietor Omni Sensible Dwelling. Each communities are situated in suburban Cleveland.