Northmarq handled a $35 million refinance of a senior care campus in Gig Harbor, Washington. Built in two phases from 2010 to 2015, The Lodge at Mallard’s Landing features 147 private pay independent living, assisted living and memory care units. The three-story main building comprises 98 IL/AL units and 24 IL cottages. The separate, two-story memory care building has 25 units. Occupancy hovered over 95%. The Lodge has been managed for over 10 years by Tacoma-based Senior Services of America.
The six-year loan had a fixed rate at just under 6% and was arranged by Northmarq through its relationship with a correspondent life insurance company. It features an earn-out component allowing the borrower to draw additional dollars as the NOI improves.
Stuart Oswald of the Northmarq Seattle office handled the transaction. This is the third financing Northmarq has arranged for this property over the past decade.
