SEATTLE (May 29, 2014) – Stuart Oswald, senior vice president/managing director of NorthMarq Capital’s Seattle based regional office arranged $14.45 million in financing for Quail Park at Crystal Terrace, a senior housing development located in Klamath Falls, Oregon. The development includes one three-story building with 127,618 sq.ft. and 67 units and 20 one-story cottages. The facility provides both independent and assisted living services, and is licensed for 43 assisted living beds.
This deal is a combination non-recourse bridge loan and construction loan rolled into one transaction. A portion of the proceeds will be used for expansion of the existing facility with the addition of a 24-unit, 36-bed memory care facility to be developed on an adjacent parcel. Financing was structured with a 75 percent LTV, 25-year amortization and a 4-year term with a potential 12 month extension. NorthMarq arranged financing for the borrower through its relationship with a non-recourse bridge lender.
