SAN DIEGO –Eric Flyckt, senior vice president/managing director of NorthMarq Capital’s San Diego based regional office and Stuart Oswald, senior vice president/managing director of NorthMarq Capital’s Seattle based regional office collaborated to arrange the $11.6 million refinance of a recently completed 80-unit memory care facility in Carlsbad, California. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a life insurance company.
This high-quality facility comprises private suites, private studios, semi-private suites, three great rooms, dining room, kitchen and large exterior courtyards which are beautifully landscaped. The facility was 95 percent occupied at closing.
“NorthMarq secured a take-out loan from an insurance company to pay off the construction loan,” said Flyckt. “The borrower selected the insurance company lender based on their offering very attractive terms relative to the loan amount and interest rate.”