Mirror Lake Village Receives $29.576M Refinancing
SEATTLE, WA—JLL Capital Markets announced earlier this week that it has arranged a $29.576 million refinancing for Mirror Lake Village, a 114-unit, 138-bed independent living, assisted living and memory care community in Federal Way, Washington.
JLL worked on behalf of the borrower, Mirror Lake Village LLC, to secure the financing through a regional bank together with retroactive C-PACE (Commercial Property Assessed Clean Energy) financing.
The community is comprised of 30 assisted living units, 66 memory care units and 18 independent living cottages averaging 378 square feet. Mirror Lake Village offers a wide range of community amenities, including an outdoor courtyard with a covered patio, a common dining room, a commercial kitchen, a hair salon, a theater, a library, an exercise room and more.
Mirror Lake Village is situated on 3.04 acres at 3100 9th Place SW in Federal Way, the 10th largest city in Washington. Located between the Cascades (to the east) and the Olympic range (to the west) along the Puget Sound shoreline, the area offers both ample outdoor amenities and a vibrant city center. The area is also known for its higher education, with 21 colleges and universities within 20 miles, including University of Puget Sounds, Pacific Lutheran University and University of Washington Tacoma. Federal Highway 99 connects the city with the larger Seattle metropolitan area, and extensions to the Link light rail are expected to reduce travel times.
The property benefits from strong demographics—within a five-mile radius, median incomes are 25% greater than the national average and populations range from 25,995 in the 45-64 cohort, 9,559 in the 65-74 cohort and 6,335 in the 75+ cohort. In addition, the 75+ population within a five-mile radius is expected to outpace the national growth rate through 2025.
The JLL Capital Markets team representing the borrower was led by Director Alanna Ellis.
“We were very pleased to deliver such a unique execution to our client whose project was first delayed due to COVID and then delivered into a difficult environment,” said Ellis. “The combination of balance sheet financing from a regional bank together with retroactive C-PACE, provided for full leverage on the reset budget and blended all in rate of 5.21%, including 10 years of interest only and 45% of the financing as fixed rate non-recourse.”