Senior Housing - Debt

NorthMarq’s Seattle office completes $35 million refinance of senior housing property in Tacoma, Washington

SEATTLE, WASHINGTON (January 21, 2021) – Stuart Oswald, senior vice president/managing director of NorthMarq’s Seattle office, arranged the $35 million refinance of Weatherly Inn. The senior housing property is located at 6016 North Highlands Parkway in Tacoma, Washington, and offers 136 independent, assisted living, and memory care units. The refinance was structured for a 10-year term and a 30-year amortization. NorthMarq secured the financing for the borrower through its Freddie Mac OPTIGO lending program.

Developed in the mid-1990s, Weatherly Inn is a family-owned and managed community. The owners are hands on, well known by the staff and the residents, and frequently at the community assisting with operations. They have created a caring, friendly environment which has translated into a stable, strong-performing property over the past eight years since Northmarq and Freddie Mac first refinanced the building. 

“The ownership has done a remarkable job adjusting to all the challenges brought on by the pandemic, resulting in occupancy and performance that has largely exceeded submarket and national averages for 2020,” said Oswald. 

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.