KIRKLAND, WASH. — Ziegler has arranged $62.4 million in bond financing for Parkshore Juanita Bay, a 50-unit independent living community in the Seattle suburb of Kirkland.
The borrower was originally founded in 1932 to provide housing and care for German seniors. In 1977, the organization constructed an assisted living retirement home known as The Gardens at Juanita Bay in Kirkland’s historic Juanita Bay neighborhood on the shores of Lake Washington.
In December 2018, the community affiliated with Presbyterian Retirement Communities Northwest, now known as Transforming Age. In 2021, management announced plans to develop and convert the existing community into a 50-unit independent living community to be named Parkshore Juanita Bay.
The property represents a concept as a satellite community consisting solely of independent living with residents receiving a healthcare benefit through the broader Transforming Age network of communities or another community of their choosing.
The Washington State Housing Finance Commission issued the bonds, which will mostly be used to pay for the acquisition, development and construction.