Poppy Bank Issues $51 Million Loan For Senior Housing Facility In Renton, WA

The property involved in this transaction is a senior housing facility located at 4550 Talbot Road South, Renton, WA. It consists of 143 units designed to accommodate senior living, offering independent, assisted, and memory care services. The loan secured for this property amounts to $51,000,000, facilitated through a letter of credit. The facility is supported by various amenities such as a fitness center and a theater.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $51,000,000
• Address: 4550 Talbot Road South, Renton, WA
• Lender: Poppy Bank
• Broker: Northmarq
• Loan Terms: 15-year term with interest-only payments for the first five years
• Units: 143

Poppy Bank issued the letter of credit to support the financing of taxable bonds for Weatherly Inn Renton. The arrangement was facilitated by Northmarq, highlighting the collaboration between the lender and broker in securing the necessary funding for the senior housing asset.