REDMOND, Wash. — Lancaster Pollard has provided $4.9 million in HUD-insured financing for Peters Creek Retirement and Assisted Living in Redmond, a suburb of Seattle.
Originally built in 1990, Peters Creek features 72 beds of assisted living and memory care.
The loan refinances existing bank debt of $3.2 million and reimburses $1.4 million of funds that were used for capital expenditures at the property. In addition to refinancing the existing debt, the transaction funds $106,000 in replacement reserves and puts in place a replacement ground lease.
The nonrecourse loan features a fixed interest rate and 30-year term. Jason Dopoulos led the transaction for Lancaster Pollard.