BMO’s Healthcare Real Estate Finance group announced that it closed on a $58 million term loan with IRA Capital related to a 252-unit seniors housing community in Lynnwood, Washington. The property consists of independent living, assisted living and memory care units. Living Care Lifestyle manages the asset.
According to LevinPro LTC, IRA and an institutional partner (with substantial dry powder) acquired Quail Park of Lynnwood in June 2024 from a joint venture. The joint venture seller included CA Senior Living, Goldman Sachs and Life Care Lifestyles. At the time, the buyer noted that it intended on investing additional capital to update common areas and amenities. JLL Capital Markets represented the seller in this all-cash transaction.
Developed in two phases in 2014 and 2020, Quail Park comprises 252 units and sits on 15 acres in Lynnwood. The first phase featured 85 IL/AL and 45 MC units. The community was fully leased with a waitlist. The second phase, through two expansions, added 96 AL apartments and 26 IL units split among 13 duplex cottages. Of the new AL apartments, 16 were enhanced, providing high-acuity AL services. At the time of the sale, the community’s occupancy was hovering around the mid-80s, with $5 to $6 million a year in NOI. Several weeks post-acquisition, the community’s performance increased.
