LYNNWOOD, WA—NorthMarq Capital's Seattle-based regional office has arranged $32.5 million in financing for Quail Park of Lynnwood, a senior housing development near Seattle. The development includes a three-story, 128,630 sq.ft. building with 85 assisted living units and 45 memory care units. Stuart Oswald, senior vice president/managing director at the regional office arranged the deal for this non-recourse bridge loan.
It allows for a cash-out refinance in which the borrowers were able to pay off their construction loan and also pull out additional cash. This asset has had very strong leasing momentum, but has not yet stabilized; as such, the loan also allows for additional funds to be advanced during the loan term once certain performance hurdles are met. Financing was structured with a 75% LTV, 25 year amortization and a 3 year term with 2 years over interest only. NorthMarq arranged financing for the borrower through its relationship with a national, non-recourse bridge lender.
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