Northmarq’s Seattle Debt + Equity team arranges $51M refinance of senior housing community in Renton, WA

RENTON, Wash. — Northmarq's Seattle Debt + Equity team led by Managing Director Stuart Oswald successfully arranged the $51 million refinance of Weatherly Inn Renton, a 143-unit independent living, assisted living, and memory care community located at 4550 Talbot Road S in Renton, Washington.

Northmarq arranged financing on behalf of the borrower, Weatherly Inn Renton LLC, through its relationship with a California regional bank. The bank issued a letter of credit for the full loan amount, with a 15-year term, in connection with this taxable bond execution. The structure included five years of interest only and no prepayment penalty for the entire term.

"This is the fifth financing assignment Northmarq has handled for this group, and we are grateful for the relationship,” Oswald said.

Weatherly Inn Renton was completed in late 2023 and is a high-end seniors housing community that features studio-, one- and two-bedroom floor plans. Community amenities and services include a game room, beauty salon, theater, library, landscaped courtyards and patios, chef-prepared meals, and a fitness center with regularly scheduled fitness classes.

Room amenities include full-size kitchens, in-home washer/dryers, weekly housekeeping and linen services, scheduled transportation, and pet-friendly rooms with available personalized pet care.

The owners of the property, who also manage the community, are a third-generation senior housing company based in Olympia, Washington. They operate three communities in Western Washington and are known for providing exceptional care and maintaining a warm, family-style environment, resulting in low turnover among both residents and caregivers.