Seniors Housing Community Secures $600M for 33-Story Tower
Seattle retirement community Horizon House has secured $600 million in speciality investment bonds that will be used to develop a 33-story tower on its First Hill campus at 900 University Street.
The bonds were secured through the Washington State Housing Finance Commission with Chicago-based speciality investment bank Ziegler setting the price and acting as an intermediary, reported the Puget Sound Business Journal.
The West Tower development will feature 202 independent living units, replacing the existing 50-unit West Wing within the complex. Mithun is the architect, and Andersen Construction is the general contractor.
The one- and two-bedroom units will range from 861 to 2,206 square feet. The financing includes short-term fixed-rate Series B bonds that are expected to be repaid once the tower reaches 80% occupancy. The deal also includes long-term fixed-rate Series A bonds that are amortizing over 36 years.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout