Heron’s Key Secures $107 Million Construction Loan For Senior Housing Expansion In Gig Harbor

The property asset involved in this transaction is a senior housing facility located at 4340 Borgen Boulevard in Gig Harbor, WA. The asset encompasses a total of 111,656 square feet, consisting of 194 residential units spread across 18 acres of land. The financing for this project amounts to $107,000,000 specifically designated for construction purposes.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $107,000,000
• Address: 4340 Borgen Boulevard
• Market: Gig Harbor, WA
• Square Footage: 111,656
• Units: 194
• Acres: 18
• Lender: Washington State Housing Finance Commission
• Landlord: Heron’s Key
• Brokers: Ziegler
• Loan Type: Construction

The key individuals and companies involved in this deal include Ziegler, who facilitated the financing through the Washington State Housing Finance Commission for the Heron’s Key Phase II project. This expansion project will add 54 new residential units, convert 13 skilled nursing units into seven assisted living units, and introduce new amenities to enhance the living experience.