Seattle-Area Senior Housing Lands $30M Refi

JLL secured the loan for the recently completed Federal Way facility.

Mirror Lake Village. Image couresy of JLL

The owner of Mirror Lake Village, a Class A independent living, assisted living and memory care facility in Federal Way, Wash., has secured $29.6 million in refinancing for the 114-unit, 138-bed senior community. JLL Capital Markets arranged the financing on behalf of the borrower. A regional bank along with retroactive C-Pace financing provided the final sum.

Director Alanna Ellis, who led the JLL team representing the borrower, said in prepared remarks that the project was initially delayed due to COVID-19 and subsequently came online into a difficult environment. The final loan has a 10-year interest-only rate of 5.21 percent, with 45 percent of the financing as fixed-rate non-recourse.

The community comprises 30 assisted living units, 66 memory care units and 18 independent living cottages which average 378 square feet. Community amenities include an outdoor courtyard with a covered patio, common dining room, commercial kitchen, hair salon, theater, library and exercise room, among others.

Situated on roughly 3 acres at 3100 Ninth Place SW, the community has a good number of shopping options within a 1-mile radius, such as WinCo Foods, Hong Kong market, Fred Meyer and a Walmart Supercenter. Hylebos Wetlands Park is also less than 2 miles southeast. Interstate 5, offering easy access into Seattle, is some 3 miles west of Mirror Lake Village.

This month, JLL Capital Markets also arranged $73.6 million for the refinancing of two Ohio senior housing properties, totaling 328 units, on behalf of owner Omni Smart Living. Both communities are located in suburban Cleveland.

You May Also Like

The latest multifamily news, delivered every morning.

Most Recent