Our Experience at Work
Facilitating Tax-Exempt Financing Transaction for Retirement Community
Bayview Retirement Community is a nonprofit continuing care retirement community located near the base of Queen Anne Hill in Seattle. Bayview’s main ten-story tower was originally constructed in 1961, with an adjacent three-story addition constructed in 1995. While Bayview had undertaken renovations along the way, Bayview’s board of trustees and senior management recognized the need to undertake a significant renovation to keep the community attractive to future residents and position the community for continued success in the future.
To that end, Bayview recently broke ground on a $60 million transformation of its entire campus, including the addition of a two-story memory care and assisted living building, remodeled and expanded independent living units, modern and expanded amenities and improved access and connectivity across the campus’s buildings.
Bayview’s transformation will be financed in large part through tax-exempt financing through the Washington State Housing Finance Commission. HCMP served as counsel to Bayview, working closely with senior management to help achieve Bayview’s objectives and successfully close the financing.