Greystone placed $15,000,000 in financing for a 152-unit senior housing property in Everett, Washington. The transaction was originated by Tyler Armstrong of Greystone, on behalf of Lytle Enterprises, LLC.
Washington Oakes in Snohomish County consists of studio, one-, two- and three-bedroom units and offers independent living and assisted living services, with Leisure Care, LLC, serving as property manager. The non-recourse, fixed rate $15 million loan provided by a life insurance company carries a 7-year term and 30-year amortization, with 60% loan-to-value (LTV). In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity in the property and continue with ongoing maintenance.
“Greystone is committed to bringing valuable financing solutions to our clients that fit their strategic objectives,” said Cary Tremper, Head of the Seniors Housing Capital Markets Team. “Our lending relationships allowed our client to receive favorable terms from the market with a quick close.”
“Greystone was a true partner in bringing this transaction together,” said Ms. Jill Ashton, principal of the borrower. “Their depth of relationships in the space and continuous efforts to find the right financing solution for our communities are very much appreciated. We count Cary and his team as partners and look forward to working together again in the future.”