EVERETT, WASH. — Greystone has arranged $15 million in financing for Washington Oakes, a 152-unit seniors housing property in Everett, a northern suburb of Seattle.
Tyler Armstrong of Greystone originated the transaction on behalf of Lytle Enterprises LLC.
Washington Oakes features studio, one-, two- and three-bedroom units and offers independent living and assisted living services. Leisure Care LLC is the operator.
A life insurance company provided the nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing existing debt, loan proceeds enable the borrower to monetize a portion of its equity in the property and continue with ongoing maintenance.