Northmarq’s Seattle office completes $33 million refinance of senior housing community in Bellevue, Washington

The Gardens at Town Square

SEATTLE, WASHINGTON (June 9, 2022) – Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office, arranged the $33 million refinance of The Gardens at Town Square, a senior housing community located in downtown Bellevue, Washington. The 168-unit community is in a 5 story, mid-rise building built in 1998 and includes a mix of independent living, assisted living and memory care.  The loan was structured based on a 10-year fixed rate term and a 30-year amortization, with one year of interest only payments. Loan proceeds retired $20.4 million in existing agency debt and returned equity to the borrower.

"This is a well-run community which has maintained an excellent reputation serving the Bellevue, Washington seniors community for over two decades. It was a pleasure having an opportunity to work with the team members at ERA Living. ERA is committed to delivering exceptional care and creating an active and social environment in each community – all of which honor their residents and enrich their lives, allowing them to age gracefully. This is not a statement pulled from a marketing piece but rather based on personal experience as my parents were residents in one of their other communities for almost ten years," commented Oswald. 

Northmarq arranged the financing for the borrower and operator, ERA Living, through its relationship with a correspondent life insurance company.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit

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