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
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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.
About Capitol Seniors Housing
Capitol Seniors Housing (CSH) is a boutique real estate private equity group focusing exclusively on the seniors housing sector. Since its inception in 2003, it has successfully acquired or developed more than 60 seniors housing communities throughout the continental U.S. CSH is a joint venture operating partner with The Carlyle Group, the $188 billion global alternative asset manager based in Washington, D.C. and one of the largest university endowments in the United States. The company utilizes third party seniors housing operating companies to manage the day-to-day oversight of its communities. CSH currently owns 18 operational communities nationwide, has 12 properties under development and $750 million in assets under management in its portfolio. CSH headquarters are located at 1275 Pennsylvania Avenue, NW in Washington, D.C.
About Milestone Retirement Communities, LLC
Milestone Retirement Communities, LLC (Milestone) is privately held and is headquartered in Vancouver, Washington, with communities in Washington, Oregon, Idaho, Arizona, California, Nevada, Colorado, Utah, Oklahoma and Virginia.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.