Celebrating the Grand Reopening of Sun Tower in Yakima, Washington
Beacon Development Group and Yakima Housing Authority recently celebrated the grand reopening of Sun Tower in Yakima, Washington. Sun Tower has 142 homes for seniors and extensive common area amenities which improve the quality of life for the residents. The development has a commercial kitchen that provides the opportunity for tenants to purchase subsidized meals, and 29 households will receive assisted living services with three meals a day provided.
Key Bank provided $7.4 million of construction financing. Permanent financing includes a $919,510 HUD Flex Subsidy Loan, $354,906 of Washington State Housing Trust Funds and $5.76 million from the previous owner, a local nonprofit board of community members. Enterprise was pleased to provide $12.9 million of equity.