$58M financing secured for Washington seniors housing community

SEATTLE, Apr. 1, 2025 – JLL Capital Markets announced today that it has arranged $58 million in financing for Quail Park of Lynnwood, a 253-unit seniors housing community in Lynnwood, Washington.

Working on behalf of the borrower, IRA Capital, JLL placed the three-year, floating-rate senior loan with a regional bank. JLL also sold the property to IRA Capital in June 2024.

Quail Park of Lynnwood was built in two phases in 2013 and 2020. Phase one consists of 131 independent living, assisted living and memory care units. Phase two offers 122 independent living and assisted living including 26 cottages and 16 enhanced assisted living units for a full continuum of care. The cottages and the large-scale campus are the only product of their kind in the North Seattle market. Units are available in studio, one- and two-bedroom floor plans, averaging 720 square feet each with full kitchens. Community amenities include a fitness center, movie theater, putting green, walking trails, bistro and pub, meditation room, sustainable gardening and a host of activities, outings and social celebrations.

Located at 4015 164^th St. SW in Lynnwood, the property sits on a 15.25-acre campus about 17 miles north of Seattle. The 85+ population within a one-mile radius of the property is anticipated to increase by 3.71% through 2027, over two times higher than the U.S. average.

The JLL Capital Markets Seniors Housing team representing the borrower was led by Senior Director Alanna Ellis, Senior Managing Director John Chun and Associate Zach Brantley.  The sale was managed by Director Dean Ferris.

“Quail Park at Lynnwood stands apart from the market as a truly best-in-class community; the strong performance of the asset and relative value was extremely well received, garnering multiple financing offers from lenders,” said Ellis. “We were pleased to represent IRA and are excited for this addition to their portfolio.  We continue to see more and more interest in the seniors housing sector as the 75+ population continues to grow and investors seek to diversify their portfolios with recession-proof assets.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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IRA Capital (“IRA”) is a leading private equity firm focused on alternative investments. Founded in 2010 by five industry veterans with collective management expertise exceeding 100+ years and $15+ billion of transaction experience across various asset types