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SEATTLE — HomeStreet Bank Commercial Real Estate has launched a new senior housing lending program and has financed its first project. It has provided $13.6 million to fund the construction of Vineyard Park at Mountlake Terrace. The 110-bed assisted-living and memory care facility will be located along 56th Street West in Mountlake Terrace, just north of Seattle.
Vineyard Park is being developed by Round Lake, LLC. It will be managed by Care Partners. The loan was originated by HomeStreet’s Diane Leonidas.