NorthMarq completes $31 million refinance of Merrill Gardens Rancho Cucamonga in Rancho Cucamonga, California
SEATTLE, WASHINGTON (March 26, 2021) –Stuart Oswald, senior vice president/managing director of NorthMarq’s Seattle office, and Gordon Mickelson, senior director-debt and equity in Denver, arranged the $31 million refinance of Merrill Gardens Rancho Cucamonga. The 112-unit senior housing community is a state-of-the-art independent living, assisted living and memory care facility built in 2018. The property located at 9942 Highland Avenue in is situated on 4.21 acres in the heart of Rancho Cucamonga, California.
NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with a correspondent life insurance company. The loan, structured prior to stabilization, was structured with a 5-year term on a 30-year amortization schedule. The property performed is now approaching stabilized occupancy.
“We are thrilled to have been given the opportunity to secure financing for the borrower group which is a joint venture between Merrill Gardens and AEW Capital Management L.P.," said Oswald.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
