A Merrill Gardens-operated senior living community in Rancho Cucamonga, California just refinanced its debt with a $31 million loan arranged by Stuart Oswald and Gordon Mickelson of NorthMarq. Owned by a joint venture between Merrill Gardens and AEW Capital Management, the three-year old community features 112 units of independent living, assisted living and memory care.
A life insurance company provided the debt, which came with a five-year term and 30-year amortization. NorthMarq structured the loan prior to stabilization, but the community was approaching that level upon closing.
