Zenith Capital, Seniority Plan $23.5M Community Near Seattle
COVINGTON, WASH. — Seniors housing operator Seniority Inc. and investor Zenith Capital have revealed joint plans for a new 98-unit assisted living and memory care community on three acres in Covington, approximately 25 miles southeast of Seattle.
Covington Assisted Living and Memory Care Community include 64 units for assisted living and 34 for memory care. Development cost is estimated at $23.5 million.
Construction will start in the second quarter of 2016, with the facility slated to open in summer 2017. This will be the first assisted living and memory care facility in Covington, according to the developers.
When completed, Seniority — a subsidiary of American Baptist Homes of the West — will operate the facility. Seattle-based Zenith Capital will oversee the project’s development and financing.
The U.S. government’s EB-5 immigrant investor visa program will provide a portion of the project’s overall financing, along with additional equity partners investing into the project.