July 5, 2016, COVINGTON, Wash.—Zenith Capital, a senior housing finance group, recently held a project kick off ceremony for a new senior living community in Covington, Washington. The kick off event brought together community leaders, project investors and development partners for the demolition of existing buildings from the former Weber’s Nursery on the site. In its place, Zenith Capital will finance a new senior housing community for Seniority, an affiliate of American Baptist Homes of the West.
The community will feature 98 residential units and provide much-needed senior care services, including assisted living and memory care. It will fill the gap between the independent senior living communities and skilled nursing facilities that currently serve the area.
“As a former resident who spent ten years living in Covington, I am delighted to bring this beautiful and much-needed senior housing development to the community to care for the needs of the elderly that we all treasure,” said David Bovée, managing principal of Zenith Capital.
The new community will bring close to a hundred new jobs to Covington and will greatly benefit local businesses. The project is partially funded through EB-5 financing, a federal government program that brings foreign direct investment capital into areas of higher unemployment. This successful EB-5 project will have a positive impact on the community and significantly improve the quality of life for Covington’s aging population.
Zenith Capital is a financial services group that specializes in providing capital for the senior housing market. Their specialized development finance team has over 40 years experience in providing capital across multiple asset classes, including over 40 senior housing communities.
“It was great learning about Covington’s recent growth and Zenith’s new senior community playing an important part,” said Stephen Murphy, senior advisor to Latin America for Pacific Northwest Advisors, an international business consulting company located in Seattle. “Our Brazilian friends and investors also appreciated getting to know members of Covington’s community.”
Zenith Capital expects its Covington senior living community to open in the spring of 2018. For more information about Zenith Capital Finance or its senior housing projects, including the one in Covington, please visit https://zenithcap.net/.