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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