Press Release (ePRNews.com) - SEATTLE - Apr 04, 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 https://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.
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VP Corporate Marketing