The bond sale was underwritten by the Seattle office of Denver-based Newman & Associates, which is a division of GMAC Commercial Holding Capital Markets Corp. The bonds were issued by the Washington State Housing Finance Commission and then sold publicly as low floaters based on a letter of credit provided by Bank of America. The borrower is Lytle Enterprises.

Fairwinds-Redmond is a new construction senior living project located at 9988 Avondale Rd. NE. The property will include 97 one-bedroom units and 46 two-bedroom units. Billed as a luxury community, the property will be managed and operated by Leisure Care. Monthly rents will include one meal daily, weekly housekeeping services, scheduled transportation, 24-hour staffing and scheduled activities.

Newman & Assoc. has underwritten $293 million in bonds in the last two years for projects in Washington State. The bonds have been used to develop 2,700 units in 24 independent, assisted and skilled nursing facilities.