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Financing Secure for 143-Unit Senior Housing Project

SEATTLE-Investment bank Newman & Assoc. underwrites $27.5 million in floating-rate, tax-exempt and taxable bonds that are sold to finance the construction of 143 units of assisted living and independent living senior housing at the Fairwinds-Redmond retirement community in Redmond, WA.

By Brian K. Miller | Updated on September 07, 2005

SEATTLE-A senior housing project in the Seattle suburb of Redmond, WA is being financed with $27.5 million in floating-rate, tax-exempt and taxable bonds. The bonds will finance construction of 143 units of assisted living and independent living senior housing at the Fairwinds-Redmond retirement community.

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.

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