HFF arranges $120m in financing on West Coast senior housing

HFF has arranged $120.5 million in financing for the acquisition of a senior housing community in Seattle and the development of another in Orange County, California.

HFF has arranged $120.5 million in financing for the acquisition of a senior housing  community in Seattle and the development of another in Orange County, California.

A $67.6 million construction loan from an undisclosed local bank was arranged on behalf of developer Steadfast Companies local bank on the Crestavilla development in Laguna Niguel, California, and in addition the deal includes $27.9 million venture equity with Fremont Realty Capital. The developer will build a resort-style three-story, 201-unit seniors housing community in a Spanish Colonial style.

Queen Anne Manor, Seattle
Queen Anne Manor, Seattle

The broker also worked on behalf of the private equity group Capitol Seniors Housing (CSH) to arrange a $25 million loan with Freddie Mac on the acquisition of the 93-unit, four-story Queen Anne Manor seniors housing community in Seattle, which CSH bought for $36.25 million, free of existing debt. The seven-year, floating rate securitized loan has a 69 percent loan-to-value.

The Queen Anne Manor is 96 percent leased and has 54 assisted living units and 39 memory care units averaging 294 sq ft each, plus a rooftop garden, sky bridge and deck. The west building of the property was originally built in 1908 and the east building was completed in 1927.

CSH is a joint venture partner with the Carlyle Group, the $188 billion global alternative asset manager, which focuses exclusively on the seniors housing sector. CSH acquired a $19.1 million loan on another Seattle senior housing community, Maple Leaf Assisted Living & Memory Care, last November.

Steadfast Companies real estate investment management company owns and/or operates more than $3.5 billion in assets across the United States and Mexico.

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