Seattle-based HomeStreet Bank Commercial Real Estate has launched a new senior housing lending program.
The bank now offers loans for construction, acquisition or refinancing of independent living, assisted living and dementia care facilities.
The first project under the new program is Vineyard Park at Mountlake Terrace, a four-story, 110-bed assisted living and memory care facility at 23008 56th Ave. W. in Mountlake Terrace.
HomeStreet loaned $13.6 million to build the 96,000-square-foot project. The owner and developer is Round Lake Development Group of Mercer Island. The architect is Innova Architects and Maddox Dunn Construction is the general contractor. CarePartners is the management group.
The 81 assisted-living units will be designed as apartments. The top floor will have 24 units for people with dementia, with a total of 29 beds. There will be a common dining area.
Construction started last month and is set to be completed in October 2014.