Arranges $14.45 million in financing for Quail Park at Crystal Terrace in Klamath Falls, Oregon
Qauil Park at Crystal Terrace
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.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
