Dealmaker: JLL Secures $58M for Washington Seniors Housing

(Illustration courtesy of JLL)

JLL Capital Markets, Chicago, arranged $58 million in financing for Quail Park of Lynnwood, a 253-unit seniors housing community in Lynnwood, Wash.

Representing 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 delivered 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 come in studio, one- and two-bedroom floor plans and average 720 square feet including full kitchens.

Located at 4015 164th 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, more than two times higher than the U.S. average.