Great Expectations Closes Acquisition and Financing of Former Senior Living Facility

Stoel Rives is pleased to represent Great Expectations in its recent $29.3 million acquisition and development financing of a former senior living facility in Bellevue, Washington, which will be converted to affordable housing. The 108-unit project was funded with tax-exempt bonds, using recycled volume cap, as well as a $10.8 million loan from Amazon. The project is a joint development with AOF/Pacific Affordable Housing Corp.

Great Expectations provides affordable housing for low-income and workforce tenants. It owns and operates over 750 housing units and has a development pipeline of 650 more in various stages of construction.

The Stoel Rives team supporting this deal included Sallie Lin, Kate Mathews, and Shelsea Voigt.

For more information about this acquisition, the mission, and other developments, visit www.grtexp.co.