Columbia Pacific Advisors and the Archdiocese of Seattle Join Forces on Seattle Senior Care Development
SEATTLE–(BUSINESS WIRE)–Columbia Pacific Advisors is entering into a long-term ground lease with
the Archdiocese of Seattle and St. James Cathedral to build a 237-unit,
24-story senior housing community in Seattle’s First Hill neighborhood.
The community, on a half block of Archdiocese-owned land at 620 Terry
Ave., will offer independent living apartments, assisted living units
and memory care suites to provide critical services for Seattle’s senior
population in one of the city’s most historic, diverse and newly
resurgent neighborhoods.
The Archdiocese of Seattle and St. James Cathedral chose to work with
Columbia Pacific because of the company’s long history of leadership in
the senior housing industry and experience in caring for seniors.
“We’re delighted to enter into this lease with Columbia Pacific
Advisors,” said Greg Magnoni, Director of the Office of Communication of
the Archdiocese. “The ground lease will provide important long-term
funding for Archdiocesan programs and for the Cathedral’s many social
outreach ministries, while preserving church ownership of the property.
The character of the project is something that we are proud to be a part
of and we are thrilled that it will increase housing for seniors in the
First Hill neighborhood.”
The property is bordered by Cherry Street to the north, Terry Avenue to
the west and James Street to the south. Columbia Pacific Advisors is
expected to start construction on the senior living project next year,
and the project is scheduled to open in 2019.
“We are excited to build a senior living community in the heart of
Seattle that addresses a significant need for senior care in the Seattle
area,” said Todd Seneker, Portfolio Manager for Columbia Pacific
Advisors’ real estate investment strategy.
While senior care remains part of Columbia Pacific Advisors’ real estate
strategy, the firm has a broad real estate portfolio that spans multiple
property types and geographic regions. In just under five years, the
firm has built an acquisition and development platform that consists of
over 2,500 senior housing units, 1,200 multi-family units and more than
800,000 square feet of commercial space around the U.S.
These projects include the recent sale of the 995 Market Street office
building in San Francisco and the sale last fall of The Verve, a
multi-family property in Seattle’s Belltown neighborhood. Columbia
Pacific is also the developer of the 1001 Broadway project, a 16-story,
mixed-use development that will include 265 residential units and the
first Whole Foods Market in Seattle’s First Hill neighborhood.
“Columbia Pacific Advisors is pleased that the Archdiocese of Seattle
has provided us the opportunity to develop this important project,” said
Alex Washburn, Managing Partner and co-founder of Columbia Pacific
Advisors. “Developing a high-rise senior housing community in First Hill
is the kind of complex and dynamic project we are known for, and we are
confident in our team’s ability to execute.”
About Columbia Pacific Advisors, LLC
Columbia Pacific Advisors, LLC manages more than $1.1 billion* across a
variety of alternative investment strategies including private real
estate, real estate lending, growth capital, private equity and
distressed debt. The firm utilizes deep fundamental research and seeks
to generate compelling, consistent risk-adjusted returns. Columbia
Pacific Advisors, LLC was founded in 2006 by Alex Washburn, Stan Baty
and Dan Baty. The headquarters is located in Seattle, Wash. For more
information, please visit www.columbiapacific.com.
*Regulatory assets under management as of 9/30/15.
Contacts
Pacific Public Affairs
Ashley Bach, 206-682-5066
ashley@pacificpub.com
