Bonney Lake will soon have a new senior housing community, operated by one of the foremost senior housing operators in Washington.

Zenith Capital and Village Concepts have announced plans to build a 122-bed assisted living and memory care community for seniors in Bonney Lake.

The facility will be named Village Concepts of Bonney Lake and will be constructed on 3.7 acres at 9301 192nd Avenue East, the corner of Sumner-Buckley Highway East and 192nd.

The facility will offer 96 assisted living beds along with 26 beds in a separate memory care wing and is expected to open by the middle of 2017. The $20 million project will include state-of-the-art design and amenities for seniors and will offer services like full meal plans, medication management, kitchenettes and fitness and health facilities.

Village Concepts, headquartered in Federal Way, will be the developer and operator of Village Concepts of Bonney Lake. Since 1975, Village Concepts has provided property management and consulting services for owners of residential and assisted living communities. The company counts 1,400 residents in 15 senior communities in Washington. For more information on Village Concepts see www.villageconcepts.com.

Seattle-based Zenith Capital is arranging equity and debt financing for Village Concepts of Bonney Lake. It is the market leader in alternative financing for the senior housing industry.

The senior housing industry is seeing robust growth with a strong outlook for the future, fueled by about 10,000 Baby Boomers retiring daily in the U.S. and the increasing incidence of Alzheimer’s and other forms of dementia that require specialized housing and care.