Northmarq has completed a $33 million refinancing of The Gardens at Town Square. This 168-unit seniors housing community in Bellevue, Washington features independent living, assisted living and memory care. The loan comes with a 10-year fixed rate term and a 30-year amortization, with one year of interest-only payments. This ultimately retired $20.4 million in existing agency debt and returned equity to the borrower.
Northmarq arranged the financing for the borrower and operator, ERA Living. Northmarq has an annual transaction volume of $33 billion and a loan servicing portfolio of more than $70 billion.
