Senior Housing - Debt

Northmarq’s Seattle office arranges $39 million for seniors community in Mt. Pleasant, South Carolina

SEATTLE, WASHINGTON (June 13, 2022) – Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office arranged the $39 million permanent financing of Merrill Gardens at Carolina Park, a 158-unit private pay independent living, assisted living and memory care community located in Mt. Pleasant, South Carolina. The community resides on 14.86 acres in Carolina Park, a master-planned community 16 miles northeast of Charleston.  

Built in three phases from 2018 to 2021, the main building was completed in 2018 with 130 units, twenty-eight cottages were delivered in 2019, and in 2021, a swimming pool and fitness center addition were completed. The loan was structured prior to stabilization, with a 5-year fixed rate and 18 months interest only.

“The loan’s flexible pre-payment structure and the ability to increase the loan amount during the loan term were important features to the ownership group,” commented Oswald. 

Northmarq arranged the financing for the borrower, a joint venture between Merrill Gardens and AEW Senior Housing Investors III, L.P., through its relationship with a correspondent life insurance company.

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.