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FINANCING NEWS
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Seattle Seniors Housing Property Refinanced with $13.9 Mil HUD-Insured Loan

10/01/20

The Savoy at Lake City Senior Living, an 80-unit, seniors housing complex in Seattle, was refinanced with a $13.9 mil HUD-insured loan. The property, constructed in 2017, is owned by Lake City Project Associates LLC.

The Savoy at Lake City Senior Living is a four-story apartment building in North Seattle consisting of all one- and two-bedroom apartments that feature high ceilings, modern appliances and upgraded finishes, as well as in-unit laundry. Residents enjoy access to a community room and entertainment center, fitness center, on-site parking and outdoor amenities that include a rooftop patio firepit and picnic area, gazebo and community gardens. The property is located near Route 522 and Interstate 5, which offer access to greater Seattle’s local attractions, including Lake Forest Park, the Lake City Farmers Market and the Northgate Mall.

Shana Daby, Managing Director and Lorie Hanson with Greystone originated the non-recourse HUD 223 (a)(7) loan, which has a low, fixed rate and 40-year term and amortization, resulting in a significant reduction in annual debt service payments. As green certified and energy efficient housing, the property also qualifies for a reduction in Mortgage Insurance Premium (MIP) of 40 basis points, from 65 to 25 basis points, annually.





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