Bonney Lake Courier Herald | November 2, 2015 | Source
Bonney Lake will soon have a new senior housing community, operated by one of the foremost senior housing operators in Washington.
Zenith Capital and Village Concepts have announced plans to build a 122-bed assisted living and memory care community for seniors in Bonney Lake.
The facility will be named Village Concepts of Bonney Lake and will be constructed on 3.7 acres at 9301 192nd Avenue East, the corner of Sumner-Buckley Highway East and 192nd.
The facility will offer 96 assisted living beds along with 26 beds in a separate memory care wing and is expected to open by the middle of 2017. The $20 million project will include state-of-the-art design and amenities for seniors and will offer services like full meal plans, medication management, kitchenettes and fitness and health facilities.
Village Concepts, headquartered in Federal Way, will be the developer and operator of Village Concepts of Bonney Lake. Since 1975, Village Concepts has provided property management and consulting services for owners of residential and assisted living communities. The company counts 1,400 residents in 15 senior communities in Washington. For more information on Village Concepts see www.villageconcepts.com.
Seattle-based Zenith Capital is arranging equity and debt financing for Village Concepts of Bonney Lake. It is the market leader in alternative financing for the senior housing industry.
The senior housing industry is seeing robust growth with a strong outlook for the future, fueled by about 10,000 Baby Boomers retiring daily in the U.S. and the increasing incidence of Alzheimer’s and other forms of dementia that require specialized housing and care.
Posted in Senior Care Investor | Benn Swett
Zenith Capital is expanding its investment in the Seattle-area yet again, with a $23.5 million assisted living/memory care project in Covington, Washington. The company, which specializes in providing alternative financing for the senior housing industry, is partnering with Seniority, Inc., a wholly-owned subsidiary of ABHOW, which is itself currently affiliated with the be.group. The community’s 98 units will include 64 for assisted living and 34 for memory care. At a cost of $23.5 million, or $239,800 per unit, the project pretty much equals the average cost to build like-facilities in the region (at $238,600 per unit), which is pricier compared to the rest of the country. Having closed on the land at the end of the August for $1 million, Zenith plans to finance the development similar to its other projects, with 10% owner’s equity, 40% EB5 funding and 50% debt. The company plans on breaking ground in the second quarter of 2016, and it should open in summer 2017. Sticking to that typical capital stack, Zenith also expects to roll out several new projects in Texas, Oklahoma and several Midwestern states and other West Coast locations. The company is currently in advanced discussions with operators for those projects and is looking for operator/developer partners for additional deals as well.
Seniority Inc. and Seattle-based Zenith Capital announced Thursday their plans to built a new $23.5 million, 98-unit assisted living and memory care community in Covington, Washington.
Covington Assisted Living and Memory Care Community will be located at 17006 SE Wax Road in Covington. It’s 98 units will include 64 for assisted living and 34 for memory care.
Construction will begin on the three-acre development parcel in the second quarter of 2016, with an anticipated opening slated for summer 2017.
When completed, Seniority, which is a wholly-owned subsidiary of ABHOW, will operate the facility. A portion of the project’s overall financing will come from the U.S. Government’s EB-5 immigrant investor program. There will also be additional equity partners investing into the project as well.
Senior Housing News | September 3, 2015 | Jason Oliva
Excerpted from Senior Housing News | August 13, 2015 | Jason Oliva
Zenith Capital, a company that provides alternative financing for the senior housing industry such as EB-5 funding, is teaming up with Federal Way, Wash.-based Village Concepts to build a new 100-unit, $25 million assisted living and memory care facility in Seattle.
The Linden Village Assisted Living Community will be constructed at 13524 Linden Avenue North in north Seattle’s Bitter Lake neighborhood.
The community will offer 79 units of assisted living in studio, one- and two-bedroom floor plans; and 21spaces available in the building’s memory care wing. Amenities include a rooftop deck, entertainment center, medication management and full meal plans available to residents.
Zenith Capital is overseeing development and financing of Linden Village, while Village Concepts is the operator. The architect is Innova, a Wash.-based firm with offices in Tacoma and Mercer Island.
The EB-5 immigrant investor visa program will provide a portion of the project’s overall financing.
NIC Newsletter | June 2015 | Source
As seniors housing developers look beyond traditional institutional capital, REITs and private equity,
several alternative capital resources have come to the forefront. EB-5 is one such opportunity
currently making headlines as Congress looks to re-affirm and reform this increasingly popular
source of funding.