Senior Housing - Debt

NorthMarq Capital

NorthMarq Capital’s San Diego office arranges $11.6 million refinance of a memory care facility in Carlsbad, California

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.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.