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.

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