The Kenney is a retirement community in West Seattle located at 7125 Fauntleroy Way SW. Wesley Homes from Des Moines, is in the process of considering becoming the sole sponsor for the Kenney.
The Kenney sponsorship search continues with Wesley Homes
In a press release Wesley Homes, a retirement organization based in Des Moines, Washington announced they have moved to the next level of discussion to consider taking on the sponsorship of The Kenney retirement community in West Seattle.
Wesley Homes completed their first phase of due diligence and their non-profit board of directors voted to continue to pursue its sponsorship of the Kenney, becoming The Kenney’s sole corporate member.
The process is for Wesley Homes to now present a proposal to The Kenney for its acceptance, contingent upon acceptance by the lender. That then opens the discussion between Wesley Homes and the bank holding the note on The Kenney. Next steps may take several months before a final decision and mutually-agreeable terms are met.
The Kenney chose to explore sponsorship by Wesley Homes in June 2013. Non-profit sponsors are governed by a volunteer board of directors and within the non-profit sector, the term “sponsorship” is used instead of “ownership.