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.