Senior Housing - Debt

NorthMarq's Seattle office arranged $19.5 million mortgage for The Weatherly Inn in Tacoma, Washington

SEATTLE (July 31, 2013) – Stuart Oswald, senior vice president and managing director of NorthMarq’s Seattle regional office, arranged first mortgage refinancing of $19.5 million for a The Weatherly Inn, a 140 unit senior housing complex located in Tacoma, Washington. NorthMarq arranged this financing for the borrower, a Washington-based LLC, through its seller-servicer relationship with Freddie Mac. This transaction was an early refinance of an existing Freddie Mac loan with a new Freddie Mac loan. The ownership group developed the first phase of this project in the late 1980s and a second phase in the mid-1990s. A portion of the loan proceeds will be used to convert several independent and assisted living units to memory care units. The borrower will also be able to utilize Freddie Mac’s acuity mix conversion program which allows for further changes to the level of care unit mix as market demand changes over the term of the loan. “NorthMarq is looking to grow our Freddie Mac senior housing production and we are very pleased to have been given the opportunity to handle this transaction for the owners,” Oswald said.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.