Emerald Heights continues its growth in serving seniors
By SAMANTHA PAK
Redmond Reporter Reporter
February 28, 2013 · Updated 4:01 PM
The 38-acre campus has a number of projects lined up including a new auditorium scheduled to open in April, three new dining venues that will be completed in the fall and a new apartment building with 43 units set to open late spring or early summer 2014.
While the $7.8 million fitness and wellness center was the first major project to be completed at Emerald Heights, it is not the only one.
Emerald Heights President and CEO Lisa Hardy said they have updated and renovated many common spaces throughout the community including the living room, clinic, country store, coffee shop and corridor. The campus also has a new chapel, the second new building after the fitness and wellness center.
Hardy said all of these projects allow them to continue with their mission of providing residents high-quality services and amenities, adding that the residents association has been heavily involved throughout the planning and design process. Residents formed task forces and provided the design team with ideas of what they want out of the building.
“It’s very important because they’re the end user,” Hardy said about including residents in the planning process. “It’s all about them.”
All of these projects will cost about $60 million and Hardy said Emerald Heights is in a good position financially to be able to maintain the campus and add amenities.
The retirement community has recently refinanced its existing debt of $29.845 million, which previously had a variable interest rate. With the refinancing, done through specialty investment bank Ziegler, Hardy said their interest rate is now fixed at 3.44 percent.
“We’re able to get an amazing rate,” she said.
Emerald Heights was able to achieve this after Fitch Ratings rated its financial situation. The retirement community received an A-, which Hardy said few businesses in the country have achieved.
“Emerald Heights is one of the highest-rated retirement communities in the country, a testament to its prime location, beautiful campus and physical plant, a highly invested board and a very solid management team,” said Mary Muñoz, managing director of Ziegler’s senior living practice. “Locking in this layer of capital in today’s low-rate environment positions the organization well to take its next steps. Ziegler is pleased to partner with Emerald Heights as the organization seeks to grow and serve additional seniors.”Contact Redmond Reporter Reporter Samantha Pak at firstname.lastname@example.org or 425-867-0353, ext. 5052.