By Jon Peterson
Irvine, Calif.-based HCP has provided a $115 million participating development loan for the construction of the 243-unit 620 Terry urban senior housing project in Seattle, as stated by the company in its 2017 fourth quarter earnings supplemental report.
This financing is being done through Seattle-based Columbia Pacific Advisors. The total cost of the development is $147 million. The project is planned to be completed sometime in 2019, and the asset will then be operated by Leisure Care, a senior housing operating company based in Seattle.
620 Terry is located in the First Hill neighborhood of downtown Seattle, and it was designed by Ankrom Moisan. It will offer renters a mixture of independent-living, assisted-living and memory care units. The project will be developed over 24 stories.
This project was approved by the City of Seattle in February of 2017. Plans at that time included a café space on the first level, an art studio, game room and an art gallery. On the fourth level will be a memory care terrace, and on the fifth level is the primary amenity terrace for residents with a dining area, dog area and a place to house a resident garden. The project will also have two levels of below-grade parking that should accommodate around 130 vehicles.
HCP owns a portfolio of senior housing and medical office buildings in the Seattle market. The senior housing assets total 513 units. The medical office buildings owned by the public REIT consist of 6 assets. The total investment in these properties as of the end of 2017 is $215.9 million. This portfolio has a current occupancy of 93.8 percent.