homeWelcome, sign in or click here to subscribe.login
     


 

 

Business


print  email to a friend  reprints add to mydjc  

September 21, 2023

Emerald Heights

Emerald Heights, a senior living community in Redmond, recently received an 'A-' rating from the Fitch Ratings agency to approximately $118.7 million in tax-exempt issued bonds from the Washington State Housing Finance Commission. The rating reflects Emerald Heights' financial profile and the community's market position, occupancy rates, and room for growth opportunities. The rating incorporates the community's planned series 2023 debt issuance, which totals approximately $118.7 million tax-exempt series 2023A, series 2023B-1, and series 2023B-22 revenue bonds. The new debt will primarily be dedicated to refund outstanding debt. However, the additional funds will go toward the construction and completion of the new 42-unit independent living community, The Courtyard Apartments, and the 54-unit assisted living expansion on the Emerald Heights campus. Emerald Heights also plans to use the entrance fees from the independent living expansion project, Courtyard, to pay down approximately $33 million of the debt. Emerald Heights is a not-for-profit senior housing and services organization, with an on-site healthcare center providing assisted living, memory support and Medicare-certified skilled nursing care.




Email or user name:
Password:
 
Forgot password? Click here.