Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office arranged the $35 million refinance of The Lodge at Mallard’s Landing.
The Lodge at Mallard’s Landing is a 147-unit private pay independent living, assisted living and memory care community is located in Gig Harbor, Washington, an upscale suburban location 10 miles northwest of Tacoma.
“We are grateful to have been chosen again for this financing assignment,” said Oswald. “Fortunately, I toured the property with the lender three years ago, and it has remained on their radar since that visit.”
This six-year, fixed-rate loan was rate locked at just under 6% and was arranged by Northmarq through its relationship with a correspondent life insurance company. The loan features an earn-out component allowing the borrower to draw additional dollars as the NOI improves.
This is the third financing Northmarq has arranged for this property over the past decade. The Lodge has been managed for over 10 years by Tacoma-based Senior Services of America. The community maintains an excellent reputation in its submarket which is demonstrated by strong resident satisfaction surveys and its current occupancy of over 95%.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.
