SAN DIEGO (June 6, 2014) – Steve Hollister, senior vice president of NorthMarq Capital’s San Diego based regional office, secured the $2.925 million refinance for Sungarden Terrace, a 65-unit senior housing facility located at 2045 and 2049 Skyline Drive in Lemon Grove, California. The property asset consists of an assisted living facility with a memory care unit. In addition, approximately half of the subject is leased to a non-profit organization that provides a comprehensive range of substance abuse treatment and recovery services to its clients.
The transaction was structured with a 15-year term and 15-year amortization schedule. NorthMarq represented the lender, a life insurance company, as a servicing mortgage correspondent.
“The borrower was a 30x repeat borrower with a relationship dating back to 1998,” explained Hollister. “The loan was a 15-year loan fixed for 10-years with a forward commitment component to eliminate any prepayment considerations on the loan that was refinanced. The loan approval, commitment and closing process went very smoothly, with the lender performing exactly as agreed for this very good and reliable repeat borrower of NorthMarq’s.”