Greystone has arranged a refinance for Washington Oakes, a 152-unit seniors housing property in Everett, Washington, a northern suburb of Seattle. A life insurance company provided the $15 million nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing existing debt, loan proceeds enable the borrower to monetize a portion of its equity in the property and continue with ongoing maintenance. Tyler Armstrong of Greystone originated the transaction on behalf of Lytle Enterprises LLC.
Operated by Leisure Care LLC, Washington Oakes features studio, one-, two- and three-bedroom units and offers independent living and assisted living services.
