Multifamily

SEATTLE — Ziegler has arranged $13.3 million in bond financing for Bayview Retirement Community in Seattle. The Washington State Housing Finance Commission issued the bonds. Bayview Manor Homes, which owns and operates Bayview Retirement Community, is a Washington nonprofit corporation and 501(c)(3) organization that was established in 1961 to care for the elderly residents of Seattle’s Queen Anne neighborhood and beyond. The community features 133 independent living apartments and 44 assisted living apartments, which includes 10 memory care units. Bayview also operates an intergenerational childcare center located at the community for up to 42 children. The proceeds of the Series 2024 Bonds, together with other available funds of the corporation, will be used to pay or reimburse costs incurred by Bayview in connection with the installation of new exterior windows across the majority of the community, as well as to make improvements to unit balconies, fund predevelopment costs of a future project and undertake routine capital improvements as determined by management.

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.