Zenith Places $6.71 Million Construction Loan

Zenith Capital Arranges $6.71 Million Construction Loan for New Memory Care Community

 

Zenith Capital Senior Housing Finance Construction Loan

 

SEATTLE, WA, May 9, 2017 – Zenith Capital, a real estate investment group with a specialty in senior housing finance, development, and M&A advisory, announced today that it had arranged a $6.71 million construction loan for a new memory care community in Thurston County, Washington.

Acting as an advisor to the Owner, Zenith secured the debt through Mountain Pacific Bank, a $235 million bank headquartered in Snohomish County, Washington.  Closing the loan enables the Owner and construction team to proceed and meet construction timeline targets during the dry season.

“My team is very excited to have advised this Owner – the project, located in a rapidly expanding retail and residential area near I-5, is proximal to major retail including Costco and Cabelas and 55+ housing with Shea Homes at Jubilee and Panorama City,” said David Bovée, Managing Principal at Zenith Capital.

Founded in 2002, Seattle-based Zenith Capital has placed over $1.7 billion in financing for hundreds of projects – including nearly 50 senior housing communities. Zenith is a real estate investment group specializing in providing financial services to senior housing operators through the entire project life-cycle.

To learn more about Zenith Capital’s senior housing finance services, please visit our website at www.Zenith.Capital.

For more information, contact:

Sebastian Kalicinski
VP Corporate Marketing
Zenith Capital
Direct: 206-400-7615
Email: Sebastian@Zenith.Capital

USCIS Grants I-526 Approvals to Zenith Capital

USCIS Grants I-526 Approvals for Zenith Capital’s Senior Housing Development, The Grange at Linden

 

Zenith Capital Senior Housing Finance

 

Seattle, WA, April 17, 2017, – The United States Citizenship and Immigration Services (“USCIS”) has begun to issue I-526 approvals for EB-5 investors who invested in The Grange at Linden – a senior housing project developed by Zenith Capital in Seattle, Washington.

In early April, five I-526 petitions submitted in Q3 2015 received approval from USCIS. The I-526 approvals mark the first step in the process for immigrant investors seeking to become permanent residents of the United States. The approval confirms the project structure and job-calculation methodology used in the Grange at Linden have met the U.S. Government’s requirements.

David Bovée, Zenith Capital’s Managing Principal, shares “We are pleased to demonstrate USCIS approval for this senior living project, an industry which offers EB-5 investors a clear path to successful immigration through both direct and indirect job creation.”

Zenith Capital began the project 2015 with an estimated total cost of $32 million. As the financial advisor, Zenith secured the financing through a combination of private owner equity, EB-5 equity, and a HUD (“the Department of Housing and Urban Development”) construction loan through CBRE.

Zenith Capital Senior Housing Finance The Grange at LInden

In December of 2016, the City of Seattle Design Review Board approved the design of The Grange. The facility, operated by Village Concepts, will provide the community with needed memory care support and assisted living services for over 100 residents. The Grange will create over 288 jobs in the local community thanks to the EB-5 investors.

About Village Concepts:

Village Concepts has been providing management service to senior communities since 1975. Drawing upon more than 40 years of experience and three generations of a proud family tradition, Village concept continues to provide a personalized touch to more than 1,200 residents in 16 senior communities located near metropolitan centers throughout Puget Sound and Central Washington.

About Zenith Capital:

Seattle-based Zenith Capital is real estate investment group specializing in delivering comprehensive finance, development and M&A advisory services. Over the past 15 years, the group placed over in over 200 commercial projects, including nearly 50 seniors housing projects.

For more information contact:

Sebastian Kalicinski
VP Corporate Marketing
Zenith Capital

Direct: 206-400-7615
Email: Sebastian@Zenith.Capital

Zenith Capital Arranges $19.5 Million Permanent Refinance Loan for Seniors Housing Operator

Zenith Capital Finances Mountlake Terrace

Vineyard Park at Mountlake Terrace Courtyard | Mountlake Terrace, WA

 

(Seattle, WA, March 30, 2017) – Zenith Capital announced today that Vineyard Park at Mountlake Terrace – an assisted living community for seniors located in Mountlake Terrace, Washington – closed a successful Fannie Mae permanent refinance loan. Zenith Capital advised the owner.

Vineyard Park at Mountlake Terrace opened in 2015 and reached stabilized occupancy in less than 18 months. The beautiful assisted living community is surrounded by tall evergreens, nine neighborhood parks, and provides excellent views of the mountain ranges and Lake Ballinger. The community provides personalized assistance and support services for seniors who can no longer live on their own and don’t yet need 24-hour medical supervision.

Zenith Capital worked with Berkadia, a Berkshire Hathaway and Leucadia National company, who underwrote the Fannie Mae placement and will service the loan.

The new loan refinanced the construction loan provided by HomeStreet Bank. Zenith Capital also advised the owner on the construction loan, which terms helped the development team construct the project on-time and on-budget. The timely refinance reflects the strong operations of Vineyard Park and the strength in the local market for assisted and memory care.

Seattle-based Zenith Capital is real estate investment firm specializing in delivering comprehensive finance, development and advisory services. Over the past 15 years, the group placed over $1.7 billion in financing in over 200 commercial projects, including nearly 50 seniors housing projects. To learn more about Zenith Capital’s services, please visit www.Zenith.Capital.

CarePartners Management Group, a locally owned and operated management company for assisted living and memory care was established in 1998. CarePartners serves Western Washington with 11 communities.

For more information contact:

Sebastian Kalicinski
VP Corporate Marketing
Zenith Capital
Direct: 206-400-7615
Email: Sebastian@Zenith.Capital
www.Zenith.Capital