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.