Tacoma Senior Facility Lands Refi From First Citizens Bank
First Citizens Bank announced it provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Washington.
The borrower is a joint venture led by Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets with approximately $55 billion in assets under management and consistently ranking among the top five largest owners in the senior housing sector across the United States. The same joint venture with PMB LLC served as the facility’s original developer, with GenCare Lifestyle, another joint venture partner, as the facility operator.
“Demand for high-quality senior living facilities remains strong in the Pacific Northwest and nationwide,” said William Douglass, head of First Citizens Healthcare Finance. “We were pleased to work closely with our clients on this transaction.
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