Tuesday, February 23, 2016

HFF closes $36.25 million sale of and secures $24.995 million financing for Class A seniors housing community in Seattle’s Upper Queen Anne neighborhood


Chad Lavender
DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured acquisition financing for Queen Anne Manor, a historically significant, four-story, 93-unit, Class A seniors housing community in Seattle, Washington’s Upper Queen Anne neighborhood.

HFF marketed the property exclusively on behalf of the seller.  Capitol Seniors Housing acquired the asset for $36.25 million free and clear of existing debt. 

Additionally, HFF assisted the buyer in securing a $24.995 million, seven-year, floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Milestone Retirement Communities, LLC will manage the property.

Queen Anne Manor has 54 assisted living units and 39 memory care units averaging 294 square feet each.  Renovated most recently in 2015, the west building of the property was originally built in 1908 and the east building was completed in 1927. 

Community amenities include a rooftop garden; secure rooftop memory care sky bridge and deck with sweeping views of the Olympic Mountains and Space Needle; hair salon; planned activities and social services; various dining venues; scheduled transportation; and resident laundry facilities. 
The property is 96 percent leased and is situated on 1.01 acres at 100 Crockett Street, approximately four miles north of downtown near the Lake Union waterfront.

The HFF team was led by senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Baccich.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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