Northmarq’s Seattle office secures $35 million refinance of 147-unit senior living community

SEATTLE (April 16, 2024) — Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office arranged the $35 million refinance of The Lodge at Mallard's Landing. The 147-unit private pay independent living, assisted living and memory care community is located in Gig Harbor, Washington, an upscale suburban location 10 miles northwest of Tacoma.  

“We are grateful to have been chosen again for this financing assignment,” said Oswald. “Fortunately, I toured the property with the lender three years ago, and it has remained on their radar since that visit.”

This six-year, fixed-rate loan was rate locked at just under 6% and was arranged by Northmarq through its relationship with a correspondent life insurance company. The loan features an earn-out component allowing the borrower to draw additional dollars as the NOI improves.

Built in two phases from 2010 to 2015, the development consists of a three-story main building with 98 IL/AL units, 24 independent living cottages and a separate secured two-story memory care building with 25 units.

This is the third financing Northmarq has arranged for this property over the past decade. The Lodge has been managed for over 10 years by Tacoma-based Senior Services of America. The community maintains an excellent reputation in its submarket which is demonstrated by strong resident satisfaction surveys and its current occupancy of over 95%.