Lument Closes $130 Million Refinancing for Columbia Pacific Advisors' Murano Senior Living in Seattle

Lument announced Nov. 9 that it has closed a $130 million floating-rate loan to refinance Murano Senior Living, a 243-unit independent living, assisted living and memory care community in Seattle's First Hill neighborhood. The loan was arranged for sponsor Columbia Pacific Advisors.

The transaction was led by Chris Cain, Tyler Armstrong and Taylor Russ, managing directors with Lument's seniors housing and healthcare team, the firm said.

Lument Arranges Floating-Rate Financing Through Debt Capital Markets Platform

Lument arranged the financing through its debt capital markets platform. The loan refinances the community's existing debt and provides additional capital to support planned common-area improvements and the sponsor's broader investment strategy, according to the announcement. The implied loan amount is approximately $534,979 per unit, based on the $130 million loan and 243 units.

"This financing reflects the strength of the sponsorship, the continued operating momentum at Murano, and the long-term fundamentals supporting seniors housing in Seattle," said Cain. "Working alongside Columbia Pacific Advisors, we were able to structure a solution that provides the flexibility to execute its business plan as the community continues to mature."

Pete Aparico, president and head of real estate at Columbia Pacific Advisors, also commented on the platform's role in the deal. "Lument's debt capital markets platform proved especially effective in today's financing environment, providing the flexibility and certainty of execution needed to advance our strategy for Murano," Aparico said.

Murano Senior Living Property Details

Murano is a Class A, 24-story community at 620 Terry Avenue in Seattle's First Hill neighborhood. Developed by Columbia Pacific Advisors, the community opened in 2019. It includes 215 independent living and assisted living units and 28 memory care units.

The community offers chef-prepared dining, wellness suites, an art studio, a theater, an outdoor terrace and other hospitality-focused spaces. Merrill Gardens' marketing materials describe studio, one-bedroom, two-bedroom and penthouse layouts, with penthouses ranging from 1,299 to 1,739 square feet.

Occupancy Rises Under Merrill Gardens

Murano is operated by Merrill Gardens, a Seattle-based seniors housing owner and operator that took over management of the community in October 2023. Since that transition, occupancy has increased from approximately 59% to more than 90% as of October 2026, an improvement of more than 31 percentage points.

Columbia Pacific Advisors is a Seattle-based alternative investment management firm that has executed more than $10 billion in seniors housing-related transactions since 2006.

Refinancing Context for Seniors Housing

The transaction reflects a sponsor retaining an asset and using debt capital to refinance existing obligations and fund improvements, rather than pursuing a sale. The floating-rate structure provides flexibility but leaves the borrower exposed to benchmark-rate movements unless hedged.

Lument provides capital solutions for investors in multifamily, affordable housing and seniors housing real estate, as well as healthcare and other commercial asset classes.

Sources

Lument press release: https://www.lument.com/lument-closes-130-million-refinancing-for-murano-senior-living-in-seattle/