HomeStreet Bank Commercial Real Estate, one of the Northwest’s leading multifamily and commercial real estate lenders, announced today that it has launched a new senior housing lending program and financed a $13.6 million loan for the construction of the Vineyard Park at Mountlake Terrace, a four-story, 110-bed assisted living and memory care facility in Mountlake Terrace, Wash., just north of Seattle.
“HomeStreet’s decision to enter the senior housing lending market is supported by our origination, underwriting and closing expertise with this property type, combined with HomeStreet’s footprint in some of the strongest senior housing markets in the country,” said executive vice president and commercial real estate lending director Randy Daniels.
HomeStreet provides construction loans, acquisitions and refinance for independent living, assisted living and Alzheimer’s/dementia care property types.
The Vineyard Park at Mountlake Terrace construction loan was originated by relationship manager Diane Leonidas and is HomeStreet’s first project funded under the new program. The senior living facility will include units designed as residential apartments, common area dining facilities, social activities, and transportation services. The project developer is Round Lake, LLC. The property manager is Care Partners, which manages eight other affiliated assisted living and memory care facilities.