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April 18, 2024

Northmarq lands $35M refi package

Northmarq announced a recent refinancing deal it arranged for the 147-unit Lodge at Mallard's Landing, a senior housing community in Gig Harbor. The latest funding, Northmarq's third for the same client (Senior Services of America), amounts to some $35 million. An unnamed life insurance company put up the money. Northmarq's Stuart Oswald led the effort, and said in a statement, “We are grateful to have been chosen again for this financing assignment. Fortunately, I toured the property with the lender three years ago, and it has remained on their radar since that visit.” The 6% fixed-rate loan carries a six-year term. Northmarq says the community is about 95% occupied. It was built and developed by M&L Assisted Living LLC in 2010 and 2015, with Veer Architecture as the designer.

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