Reserve at Lacey Reserve at Lacey is a property serving those 55 or older who earn 60% of the area median income.

LACEY, WA—Positive demographics and higher cap rates compared with other investment options have brought more attention to the senior housing property segment during the past few years. Today’s seniors housing market is characterized by a wealth of available capital but a limited number of quality operators who have the capacity to expand services, according to a report by Marcus & Millichap.

One property has bucked that trend, and a recent combined construction and permanent loan will make 241 units of quality affordable housing accessible to seniors aged 55 or older. KeyBank Community Development Lending and Investment provided $70 million in combined construction and permanent loan financing to AVS Communities for the Reserve at Lacey, an affordable senior housing property serving those 55 or older who earn 60% of the area median income. KeyBank paired a $40 million construction loan with a $30 million private placement-forward commitment permanent loan. Victoria Quinn of KeyBank’s CDLI team organized the financing.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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