Northmarq’s Seattle office arranged a $39 million refinance of Merrill Gardens at Carolina Park, a 158-unit independent living, assisted living and memory care community located in Mt. Pleasant, South Carolina. The high-quality community sits on 14.8 acres with monthly rent starting at $4,200 a month. Built in three phases from 2018 to 2021, the main building was completed in 2018 with 130 units, 28 cottages were delivered in 2019, and in 2021, a swimming pool and fitness center addition were completed.
Built in 2021, the community is only 16 miles north of Charleston providing quick access to the city’s attractions and restaurants. The loan entails a 5-year fixed rate and 18 months of interest only. The borrower and operator of the Mt. Pleasant community was a joint venture between Merrill Gardens and AEW Senior Housing Investors III, L.P. The joint venture also received a flexible pre-payment structure and has the ability to increase the loan amount during the term. Stuart Oswald worked on the deal.
