NorthMarq's Seattle office arranged $9.27 million mortgage for two independent and assisted living communities
Texas Portfolio
SEATTLE (August 21, 2013) – Stuart Oswald, senior vice president and managing director of NorthMarq’s Seattle regional office, arranged first mortgage refinancing of $9.271 million for two independent and assisted living communities – one in Granbury, Texas and the other in Frisco, Texas. The facilities contain a combined total of 140 units. Financing was based on a 4-year term and a 25-year amortization schedule and was arranged for the borrower, a Washington-based operator who manages seven facilities on the West Coast and Texas, by NorthMarq through its relationship with regional bank. “This loan allowed for conversion of assisted living units to memory care units in the Granbury, Texas facility. The loan also allows for a $500,000 performance based earn-out,” said Oswald. “NorthMarq was pleased to be able to retire the existing loan with a new loan with a coupon over 200 bps below the rate of the existing loan.”
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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.
