Northmarq’s Stuart Oswald, senior vice president and managing director of the firm’s Seattle office, arranged a $35 million refinance of a 136-unit senior living community in Tacoma, Washington. Built in phases from the 1980s to the 1990s, the community provides independent living, assisted living and memory care services in a combination of 61 studios, 33 one-bedroom units, five two-bedroom units and 37 units dedicated to memory care. A family has owned and operated it since opening, with the third generation now in charge, and operations have been consistently strong, even during the pandemic. Occupancy was in the 90% range.
Northmarq originally refinanced the property through Freddie Mac eight years ago, with a $19.5 million loan. Since then, a portion of the community was converted to memory care. Now, Northmarq is returning to the property to complete a $35 million refinance through its Freddie Mac OPTIGO lending program. The loan came with a 10-year term and 30-year amortization.