Northwest Visalia Senior Housing LLC obtained a $29.5 million loan for the refinancing of Quail Park at Shannon Ranch, which comprises 120 units of independent living, assisted living and memory care in Visalia, California.
Northmarq secured the 10-year loan, with the first five years being interest-only, through Poppy Bank of California. The funds were utilized to pay off a bridge loan that Northmarq also arranged back in 2021.
The principal of Living Care Lifestyles, the Kaweah Health System of Visalia and multiple local investors comprise the ownership group of Quail Park. Living Care also manages the community.
Managing Director Stuart Oswald led Northmarq’s Seattle Debt and Equity team that brokered the deal. In 2018, Oswald also secured $29.3 million in construction financing for Quail Park, part of a successful relationship with the community and the owner. Northmarq and Living Care collaborated for more than 20 years, resulting in 24 successful loan closings.
This summer, Northmarq arranged $50 million in construction financing for a 180-unit seniors housing development in Nesconset, New York. The package included an initial $35 million loan, $5 million for construction draws and an additional $10 million cash-out once the project reached stabilization.
Earlier this year, the company also secured a $35 million refinancing loan for a 147-unit seniors housing community in Gig Harbor, Washington. Oswald arranged the six-year, fixed-rate loan through a correspondent life insurance company.
