Queen Anne Manor in Seattle to Undergo Renovation

Red Capital Advisors LLC has provided $2.1 million in mezzanine financing to facilitate the acquisition and renovation of an assisted living facility in Seattle. Queen Anne Manor, a four-story building containing 114 units, was constructed in two phases in 1908 and 1928. In 1980, the facility was converted into its current seniors care use and was extensively renovated. Upon acquisition, the sponsor will expand the project to 126 units and the interior and exterior will be completely renovated. Renovations will include new kitchen equipment and kitchenettes, a dining room expansion, a new two-story atrium, updated elevators and baseboard heaters with remote thermostats. Red Capital Advisors provided 80% of the required equity for the project acquisition and renovation structured through the $2.1 million mezzanine loan.

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