OMAHA (Feb. 21, 2014) – Jason Kinnison, vice president of NorthMarq Capital’s Omaha based regional office arranged the $16.2 million refinance of Elk Ridge Independent Living, a 118-unit senior housing facility located at 19303 Seward Street in Elkhorn, NE. Financing for the facility was structured with a 18-year term and 18-year amortization and was arranged for the borrower by NorthMarq through its relationship with a correspondent life company.
“The sponsors for the transaction were repeat customers for this life company lender,” said Kinnison. “Independent Living is not a property type that this lender will typically finance, but given the repeat business, coupled with the conservative loan parameters, the lender was willing to work with the borrower to get the loan done. This was a fully amortizing loan which was a key requirement of the borrower.”