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

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.