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Seattle & Northwest  + Seattle  + Senior Housing  |  June 14, 2024
Jasmine Kilman
By: Jasmine Kilman

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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Inside The Story

First Citizens BankHarrison Street

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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