KENNEWICK, WASH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 36-unit assisted living community in Kennewick, located near the Oregon border in the eastern half of the state. The property was over 90 percent occupied at the time of sale, though it has struggled in recent years due to key leadership turnover, according to Blueprint. For this reason, it was still marketed as a value-add opportunity. The buyer was well capitalized and local, and this is the company’s fourth acquisition in Washington. The seller and price were not disclosed.
ENUMCLAW, WASH. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted living and memory care. The loan, which will refinance existing debt, features a 60 percent loan-to-value ratio, 10-year term and fixed rate. It also includes five years of interest-only payments followed by a 30-year amortization. The borrower is a multi-generational, family-run business. The property is listed on the website of Village Concepts, which operates 25 seniors housing communities all located in Washington State. Steve Muth of M&T Realty Capital Corp.’s Richmond, Virginia, office led the transaction.
TACOMA, Wash. — Evans Senior Investments (ESI) has arranged the sale of Heartwood Extended Healthcare, a 120-bed skilled nursing community in Tacoma. A joint venture between an East Coast capital group and a Los Angeles-based operator acquired the facility for for $8 million, or $66,000 price per bed. The seller was a local owner-operator. Built in 1986, the community was 69 percent occupied and not profitable at the time of sale. The new buyers plan to replace contracted staff with full-time employees. In addition, Medicaid rate increases have already been approved, as well as emergency funding for dealing with the COVID-19 pandemic. ESI represented the seller in the transaction. “The new buyer will be able to leverage their experience in the nursing home industry to improve the financials and continue to build upon an already great culture in the building,” says Jeremy Stroiman, CEO of ESI.
FREDERICKSON, WASH. — NorthMarq has secured $22.5 million in refinancing for Sawyer Trail Townhomes, a multifamily property located at 17516 44th Ave. East in Frederickson. This is the third phase of the Sawyer Trails development, consisting of 90 townhome units. Bob Spiro and Scott Moline of NorthMarq arranged the permanent fixed-rate loan that was structured with a 10-year term on a 30-year amortization schedule. The firm secured financing for the undisclosed borrower through its in-house Fannie Mae team. According to Spiro, this is the third phase of an $80 million finance package over the last two years with Fannie Mae.
SEATTLE — Evans Senior Investments (ESI) has arranged the sale of Washington Care Services, a 165-bed skilled nursing community in Seattle, for $10.5 million, or $64,000 per bed. Built in 1974, the community was placed into receivership in June 2019 after the previous owner, a local nonprofit organization, defaulted on its existing HUD loan. At the time of the sale, the property was 77 percent occupied and losing over $500,000 a year in net operating income. The new owner plans to correct course by replacing contracted staffers with full-time workers, while implementing expense management and approved Medicaid rate increases. “These Medicaid rate increases will dramatically help improve the cash flow of the facility in the very near future and serve as a bridge through these troubled times,” says Henry Fuller, senior associate at ESI. ESI represented the seller, the court-appointed receiver for the community. The buyer was an East Coast capital group that formed a joint venture with a Los Angeles-based operator. The community represented one of two facilities the venture closed on in the state of Washington simultaneously. “Washington Care Services presented a great opportunity for a new ownership group with operational expertise and synergies in the skilled nursing …
SILVERDALE, WASH. — Sprouts Farmers Market, a Phoenix-based natural foods grocery, has opened a new store at 11066 Pacific Crest Place NW in Silverdale, about 33 miles west of Seattle. The Silverdale location will be the third Sprouts in Washington and will operate from 7 a.m. to 8 p.m. daily, in line with the grocer’s adjusted hours during the COVID-19 pandemic. The new Sprouts will feature a large produce section, deli, fresh sushi, olive bar, sandwich bar, salad bar and beer and wine. The new store will be the grocery anchor of Trails at Silverdale, a 200,000-square-foot shopping center housing tenants including HomeGoods, Ulta Beauty, Old Navy, Verizon Wireless, Sierra Trading Post, Sleep Number, Total Wine, Carter’s/OshKosh, DSW, MOD Pizza, Jersey Mike’s, Chipotle Mexican Grill, Habit Burger and Marshalls. El Segundo, Calif.-based CenterCal Properties LLC is the owner of the 30-acre shopping center. Sprouts employs more than 30,000 team members and operates over 340 stores in 23 states. According to its website, Sprouts is looking to fill approximately 2,000 roles across its network of stores, distribution centers and support offices.
EVERETT, WASH. — KeyBank Commercial Development Lending and Investment (CDLI) has arranged $13.7 million in construction financing on behalf of Compass Health to develop Broadway Permanent Supportive Housing, an affordable housing property in Everett. The borrower is a community-based healthcare agency that integrates behavioral health and medical care services to support clients. Situated next to the Compass Health campus, the project will be a five-story, 82-unit permanent supportive housing facility that will provide services for mentally ill homeless people. The facility will feature four floors of housing above 3,000 square feet of commercial space with offices for services, management and administration. All units, which will include kitchens and baths, will be 388-square-foot studios, except for a three-bedroom manager’s unit. Residents will participate in a coordinated chemical dependency or mental health treatment plan and will have access to case management connecting them with supportive services on-site and at the Bailer Center facility, located next door. A portion (66) of the units will be limited to people earning 30 percent or less of the area median income (AMI), including eight vouchers reserved for homeless veterans, and 15 units will be allocated for people earning 50 percent of AMI or less. Brett Sheehan …
BELLEVUE, WASH. — SummerHill Apartment Communities has acquired a 1.4-acre transit-oriented development site, located at 1600 132nd Ave. NE in Bellevue. The property is situated next to the planned Bel-Red/130th East Link light rail station. A private family office sold the asset for $12.3 million, or $200 per land square foot. SummerHill received approval in March to construct a 249-unit multifamily building. Runberg Architecture Group designed the project, which will feature a courtyard that will face the new light rail station. Dylan Simon and Jerrid Anderson of Kidder Mathews’ Seattle office represented the seller, while the buyer was self-represented in the deal.
SILVERDALE, WASH. — Kidder Mathews has handled the sale of Inlet View Apartments, a multifamily property located at 9860 Bushlac Lane NW in Silverdale in Kitsap County, Wash. A private owner sold the asset to an undisclosed buyer for $16.2 million. Constructed in 1985, Inlet View Apartments features 100 units spread across seven buildings. The four-acre property also offers a playground, exercise room and ample parking. Dylan Simon and Jerrid Anderson of Kidder Mathews’ Seattle office represented the seller, while the buyer was self-represented in the transaction.
SUMNER, WASH. — Bertch Capital Partners has signed CTE Warehousing to occupy Sumner Ridge’s Building A, located at 3400 W. Valley Highway East in Sumner, in a long-term lease agreement. Building A is the second facility at Sumner Ridge, which is home to a 112,100-square-foot industrial property occupied by Automatic Products. The freight management partner will occupy the entire 116,572-square-foot warehouse facility, which is slated for completion at the end of the second quarter. The company plans to relocate from at least one of its existing buildings in the area. Bill Condon and Matt McGregor of Colliers International represented the developer, while Jeff Forsberg of NAI Puget Sound Properties represented CTE Warehousing in the deal.